Mark Zesbaugh has decided to leave his post as president of Allianz Life Insurance Company of America to pursue other opportunities, the company says.

Chuck Kavitsky, president of the company’s Allianz of America affiliate, will take over as the acting chief executive, according to Allianz Life, Golden Valley, Minn., a unit of Allianz A.G., Munich.

Zesbaugh, who has been running Allianz Life for 5 years, has told Minneapolis newspapers that he wants to spend more time with his children.

Allianz Life is a major player in the U.S. equity-indexed annuity market.