DEFINITION of 'Michael Diekmann'
The chairman and CEO of Munich-based Allianz, an insurance, asset-management and banking company. 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 and raising billions in capital.
BREAKING DOWN 'Michael Diekmann'
Born in 1954 in Germany, Diekmann graduated from Göttingen University, where he studied law and philosophy. He began his career as CEO of Diekmann/Thieme in 1983, a publishing company he founded. Diekmann is regarded as one of the finest CEOs in Europe.