In response to investor concerns, Allianz SE supervisory board vice chairman Jim Hagemann Snabe is leaving the Munich-headquartered insurance group.

In a release, the insurer noted: “Jim Hagemann Snabe has informed the supervisory board and the board of management of Allianz SE that he will not stand for re-election to the supervisory board at the annual general meeting on May 4, 2022, and that he will resign from the supervisory board of Allianz SE upon expiry of his mandate on the same day.

“With this decision, Mr Snabe wishes to address concerns expressed by investors who fear a so-called ‘overboarding’ due to the mandates he holds in various companies.”

The Danish businessman is also the chairman of Siemens AG’s supervisory board as well as the board of directors at A.P. Møller–Mærsk A/S.

“The Allianz SE supervisory board and board of management acknowledge Jim Hagemann Snabe’s decision with great regret and respect,” added the global insurer, “and are grateful for his tremendous support of the entire Allianz on its digital transformation journey.”

It was on Snabe’s recommendation that a technology committee, which he currently chairs, was set up within the supervisory board. He is also credited for providing “valuable stimulus” and constructively advising on the development of the group-wide standardised Business Master Platform at Allianz.

Poised to fill in the gap in May is IBM alum and ISTARI Global Ltd chief executive Rashmy Chatterjee.