Allianz plans to appoint Jörg Schneider as the new deputy chairman of the supervisory board. This was announced by the supervisory board of the insurance company on Wednesday. Schneider was previously the CFO at the reinsurer Munich Re, a historic ally of Allianz. Both companies have their headquarters in the Schwabing district of Munich and share a long history together.

The 65-year-old tailor is considered a promising candidate for the succession of the current chairman of the supervisory board, Michael Diekmann, who will retire in 2026. Schneider was known for his expertise during his time at Munich Re, but also for his uncomplicated demeanor and self-irony.

Also new to the supervisory board of Allianz, Stephanie Bruce is expected to take a seat. The manager is set to replace Herbert Hainer, who will retire due to his age. Hainer is also the president of FC Bayern Munich. Christine Bosse will also retire from the supervisory board due to her age. Bosse used to hold a leading position in the insurance business in Denmark.

The Annual General Meeting of Allianz is planned for May. The Allianz share temporarily recorded a decline of 0.49 percent to 242.35 euros in XETRA trading. However, the decision regarding the new supervisory board members could have positive effects on the stock price. Investors are eagerly awaiting the future development of the company under the leadership of the new deputy CEO Schneider.