September 13, 2012 / 4:26 PM / 5 years ago

Allianz swaps execs as it grooms CEO successor

FRANKFURT, Sept 13 (Reuters) - Allianz swapped the responsibilities of two top board members to give the insurer's chief financial officer experience in the insurance business, a move widely seen as preparing the him for the insurer's top job in future.

Oliver Baete, currently Chief Financial officer and board member responsible for controlling and risk, will trade responsibilities with Dieter Wemmer, board member responsible for overseeing insurance operations in Western and Southern Europe, Allianz said in a statement.

"By the end of 2012, Oliver Baete will have set the course for the implementation of the upcoming Solvency II regulatory framework," Allianz Chief Executive Michael Diekmann said in a statement, referring to new capital rules being introduced for the insurance sector.

"That is the right moment to execute our plan for Oliver Baete to take over operational responsibility for an insurance business and Dieter Wemmer to take over Oliver Baete's responsibility," added the 57-year-old Diekmann. (Reporting by Jonathan Gould)

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