Premise: FRANKFURT, Oct 2 (Reuters) - Allianz extended the contract of Chief Executive Michael Diekmann by less than expected on Thursday, saying it would appoint Oliver Baete as the new chief of Europe’s largest insurer from May 7 next year. Diekmann’s current contract was due to expire in December, when he will also have turned 60, the traditional retirement age for top executives at the insurer but investors widely expected him to stay in his role for a further one to two years.
Hypothesis: Michael Diekmann was let go