Less than a week after Pimco co-founder Bill Gross left the firm, the asset manager's German parent company, Allianz said its top executive is also on his way out.

German insurer Allianz on Thursday said chief executive Michael Diekmann will step down in May. His contract was due to end on December 31, 2014, about a week after he turns 60 years old, and he will be succeeded by Oliver Baete, 49.