 | This article may be expanded with text translated from the corresponding article in German. (December 2021)Click [show] for important translation instructions.
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Michael Diekmann | |
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 Michael Diekmann, and Kumi Naidoo, 2012 | |
| Born | Michael Diekmann December 23, 1954 |
| Occupation | Former CEO of Allianz |
Michael Diekmann (born December 23, 1954) is a German manager who served as the CEO of Allianz in between 2003 and 2015. [1]
Diekmann knew early that the family construction business would go to his twin brother, who was more interested in engineering. [2] Instead, he earned his degree from Goettingen University, where he studied law and philosophy. [3]
Diekmann began his career with Allianz in 1988 after becoming frustrated with his own business, a publishing house that focused on travel guides. [4] During his career, he later worked in Australia and the United States, where he successfully revamped the Fireman's Fund Insurance Company, the Allianz subsidiary there. [5] In 1996, he moved to Singapore to run Allianz's Asia-Pacific business front. [6]
As CEO, Diekmann steered Allianz through a difficult period at the start of the century, moving it from a low point in profitability to a bumper year in 2013 with an operating profit of €10.1 billion. [7] Under his leadership, the insurer also converted its legal form, then Aktiengesellschaft, or German joint-stock company, to Societas Europaea (SE) in 2006. [8] By 2014, Allianz had grown to become the world’s second-biggest investor after BlackRock. [9] That same year, Diekmann weathered a hailstorm of criticism about the sagging performance at the firm’s asset manager, Pimco. [10]
Diekmann's total compensation from 2010 was around one hundred and five million Euros. [11]
In late 2014, it was announced that Diekmann, would step down the following year after he turned 60, which is traditionally the age limit for board members at Allianz. [12] At the time, investors widely expected him to stay in his role for a further one to two years. [13]
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