Allianz unveils board of management shake-up

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It’s the end of an era for the Allianz Board as Christof Mascher has set his retirement date for the last day of 2020. Having spent 30 years with the insurance giant, and having been on its board of management for over a decade, he will still take on selected mandates but will leave the company with some tough shoes to fill.

Still, it will attempt to do just that by bringing Barbara Karuth-Zelle, currently CEO of Allianz Technology SE, on to the board of management in charge of operations and IT from January 01, 2021. She will take on a standard term for newcomers to the board, of three years.

Meanwhile, Christopher Townsend will also join the board on the same date, in charge of global insurance lines, including both Euler Hermes and AGCS, as well as reinsurance, Anglo markets, Africa and the Middle East. Until recently, he was CEO of AIG’s international general insurance operations and will now move into the role previously held by 20-year plus Allianz veteran Niran Peiris, who is also set to retire at the end of the year.

“I thank Christof Mascher for his invaluable contribution and in particular, for laying the foundations for our digital transformation,” said chairman of the board of management Oliver Bate. “I also thank Niran Peiris for his long-standing service, especially in challenging times. While I am sad to see our two esteemed board colleagues leave, I look forward to Barbara Karuth-Zelle joining the board. She brings with her a wealth of experience in operations and IT. I am also very happy to welcome Chris Townsend, who is a proven leader with 30 years of experience in the insurance business and a deep knowledge of a large range of different markets.”

In addition, the board mandate for Sergio Balbinot has been extended for two years, while Giulio Terzariol and Ivan de la Sota have seen their terms extended for five years each.

“Allianz owes gratitude to Christof Mascher for his three decades of service and his foresight in the area of technology,” added Michael Diekmann, chairman of the supervisory board. “I also want to sincerely thank Niran Peiris for his dedicated contributions to the success of Allianz. With Barbara Karuth-Zelle and Christopher Townsend, we have found two very experienced new members for our management board. With their addition, along with the extension of the mandates of Sergio Balbinot, Giulio Terzariol and Ivan de la Sota, we were again able to form an experienced, stable and diverse management team.”

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