NU Online News Service, Dec. 18, 1:55 p.m. – Michael Diekmann will be succeeding Henning Schulte-Noelle as chairman of Allianz A.G., Munich, Allianz says.

Schulte-Noelle quit after Allianz posted a year of disappointing results.

“We have learned our lesson from the weakness of the capital markets and are recalling our old strengths in risk management and the insurance business,” Schulte-Noelle says in a statement about his departure. “The motto is: back to the basics. In our core businesses we will position ourselves so that we are not dependent on the help of the capital markets to earn money.”

Schulte-Noelle has worked for Allianz since 1975 and served as chairman since 1991.

Diekmann, who has been a member of the Allianz board since 1998, has been in charge of the company’s human resources and North and South American insurance operations. He began working for Allianz in 1988 as executive assistant to the head of the Hamburg office of Allianz Versicherungs-A.G.