Allianz to replace CEO as Gross upheaval rages

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Allianz will replace chief executive officer Michael Diekmann next year with Oliver Baete in the wake of Bill Gross's sudden departure from Pimco.

In a statement Thursday, Allianz said Oliver Baete, 49, would become CEO effective May 7, with Michael Diekmann, 59, departing after the 2015 annual meeting. The German-based insurer gave no explanation for the shakeup, but Diekmann's contract was due to expire at the end of this year.

Last week, Gross, Pimco co-founder and Wall Street legend, departed after more than a year of turmoil and infighting, decamping for Janus.

Read More Gross fallout: Morningstar downgrades Pimco fund

The unexpected move left recrimination in his wake, as billions in investor funds followed him out the door.

Read More Pimco fund's outflows hit 10% of net assets in Sept

--Reuters contributed to this article

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