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Germany-based Allianz S.E. has said that it is reducing the size of its management board to nine members as part of an executive reshuffle at the group, reported Reuters.
The insurer's management board had 10 members. Manuel Bauer, the board member responsible for Insurance Growth Markets, is leaving Allianz at the end of August and he will not be replaced. Oliver Baete, chief executive of the board, would take over responsibility for human resources from Werner Zedelius as part of the reshuffle.