The Munich-based DAX-listed Allianz Group is restructuring its venture capital unit. Allianz X is to become a strategic investment company for digital topics, rather than a company builder.
Previously, the venture unit built companies in their early stages of development. The Allianz subsidiary is now abandoning this approach and focusing on investments in digital initiatives with strategic relevance for the Group.
Change at the top of Allianz X
As part of the restructuring, the insurance giant is also replacing its top personnel: Nazim Cetin takes over the position of CEO at Allianz X. Current CEO Peter Borchers will remain with Allianz as an advisor to the Chief Digital Officer. With Borchers at the helm, the Allianz Digital Accelerator was transferred to Allianz X. According to the company, he is leaving the company at his own request. Solmaz Altin, Chief Digital Officer of the Allianz Group, says:
“We regret Peter’s decision to leave, thank him for his contributions over the past year, and wish him all the best in his future endeavors.”
Cetin, the former Co-CEO and now sole head of Allianz X, was previously Vice President of Corporate Development & New Businesses and Head of Business Development at the media group Bertelsmann. Allianz CDO Altin says of Cetin:
"We wish Nazim every success in leading the new strategic investment fund, which will support our broader mission to bring innovation into Allianz's core business to become end-to-end digital."
