Allianz's head of asset management Jacqueline Hunt "wishes to step back from her day-to-day responsibilities as member of the Board of Management and has been appointed a strategic consultant to Oliver Bäte, group chief executive" Allianz said in a statement on 30 September.
Andreas Wimmer, currently chief executive of the German life arm Allianz Lebensversicherungs-AG (Allianz Leben), has been named as her successor.
Hunt has been responsible for Allianz's asset management and US life businesses since she joined the group in July 2016. The changes become effective today, 1 October 2021.
I was proud to be just the second woman on the Management Board of Allianz SE when I joined in 2016."
The insurer is currently facing high profile investor lawsuits over its Structured Alpha Funds and related investigations by the US Department of Justice, Securities and Exchange Commission and Germany's financial regulator Bafin.
In the Allianz statement on the board changes, Bäte said: "Jackie had signalled her openness for a change some time ago. She has been an excellent member of the Board of Management and we are particularly proud of the outstanding performance of PIMCO during her tenure as well as the success of Allianz Global Investors and of our US life business.
Jackie's contribution went beyond her divisional responsibilities, and I look forward to continue to work closely with her over the next year as I greatly value her strategic advice."
Hunt said: "I was proud to be just the second woman on the Management Board of Allianz SE when I joined in 2016. I leave a more diversified and resilient division with record assets under management, at more than €2.5 trillion, and a track record of outstanding performance.
I salute my colleagues who continue to work so hard for their clients. When I leave Allianz next year, excited about my next chapter, it will be with considerable pride in what we have achieved. I will always have fond memories of my time at Allianz."