Manfred Knof is set to resign as head of Germany for the German insurance giant by the end of this year, citing health problems as a reason for his departure.
Christina Bersick, deputy head of Corporate Communications at Allianz confirmed the news to InvestmentEurope, further announcements will be made following a board meeting later this afternoon.
Meanwhile, German newspaper Süddeutschen Zeitung reports that the frosty relationship between Allianz CEO Oliver Bäte and Knof may have been a reason for the departure.
Knof looks back at a long history with Allianz, he joined the group in 1996 and has since been among others member of the board at Allianz in Zurich and CEO for the group’s CEE division.
Bäte joined Allianz in 2008 from McKinsey, according to German media reports, Knof and Bäte regularly clashed on key questions such as the group’s approach to digitalisation and financial restructuring programmes.
According to Süddeutsche, Klaus-Peter Röhler, who is currently head of Italy at Allianz, is set to replace Knof as head of Germany. The news has not yet been confirmed by Allianz.