Elizabeth Corley, the CEO and co-head of Allianz Global Investors (AllianzGI) will step down from her position on March 1, 2016. She will be succeeded by Andreas Utermann, the current global chief investment officer of the company.

Allianz Global Investors CEO Elizabeth Corley Steps Downs

Ms. Corley to become Vice Chairman if Allianz Global Investors

Ms. Corley will assume the newly created part-time, non-executive role—Vice Chairman at Allianz Global Investors. In her role, she will continue to represent the company externally in certain industries, policy, regulatory matters, and in ad-hoc client engagement.

In a statement, Ms. Corley said, “It has been a privilege to work for Allianz Global Investors for the last ten years and to lead the firm’s global development alongside Andreas for the past four years. I care deeply about what we have achieved for our clients over this period, and what more the firm can do for them in the future.”

She is confident that AllianzGI will “continue in good hands” because it has fantastic employees.” She added, “I am delighted to be able to support the company and our clients in a non-executive capacity from next March.”

Jay Ralph, Chairman of Allianz Asset Management and a member of the Management Board of Allianz SE commented, “Elizabeth has deftly steered AllianzGI to become a successful, globally integrated asset manager.”

Allianz Global Investors retains co-head structure

Allianz Global Investors said it would continue its co-head structure. According to the company, its leaders have distinct responsibilities but shared accountability.

George McKay, the previous acting head of Europe and currently serving as a global chief operating officer at AllianzGI will join Mr. Utermann as co-head of AllianzGI.

Mr. Utermann will continue to be responsible for the investment platform of AllianzGI as global CIO. Mr. McKay will be responsible for global distribution, global solutions, corporate marketing and COO functions.

Mr. Utermann said, “Elizabeth’s inspirational leadership, passion for investment and boundless positive energy have contributed immeasurably to the success and standing of AllianzGI today. Naturally, I am delighted that she will continue to act as an ambassador for the firm into the future. Equally, I look forward to cementing a similarly productive partnership with George, who has demonstrated his leadership and ability in many roles since joining the firm in 2006.”