Allianz to replace CEO as Gross upheaval rages

Exit Sign

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

Click here for the latest on the markets.

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts