DEFINITION of ‘Michael Diekmann’
Michael Diekmann is the former chairman and CEO of Munich-based Allianz, a position he held between 2003-2015. Allianz is an insurance, asset management and banking company, and one of the largest companies of its kind in Europe and also the world. Diekmann joined Allianz in 1988, where he advanced through management positions, including heading several of the company’s overseas divisions. He became chairman and CEO in 2003 when Henning Schulte-Noelle resigned after the company experienced significant losses from 9/11, major flooding in Europe, and asbestos claims in the United States. Within a year, Diekmann turned the company around, increasing its profits and share price by cutting non-essential businesses, laying off redundant employees, and raising billions in capital.
BREAKING DOWN ‘Michael Diekmann’
Michael Diekmann was born in 1954 to a family that owned a construction company, exposing Deikmann to business from an early age and perhaps leading him to want to start his own, which he would later do. As an undergraduate, he studied philosophy and law…