Minneapolis-based Allianz Life Insurance Company of North America named Walter White its new president and CEO, effective January 1.
White succeeds Gary C. Bhojwani, who was promoted to chairman of Allianz Life and will assume responsibility for its U.S. insurance operations on the executive leadership team of its global parent company-Munich, Germany-based Allianz SE. Bhojwani will continue to reside in the Twin Cities and will maintain an office at Allianz Life.
White joined Allianz Life in 2009 as chief administrative officer, a role through which he has been responsible for compliance, information technology, operations, and suitability. His transition to president and CEO is subject to approval by Allianz Life's board of directors.
The company said that a new chief administration officer will be named "in due time."
"I am pleased that someone of Walter's caliber and integrity will take the helm of Allianz Life," Bhojwani said in a statement. "Walter has been instrumental in strengthening distribution relationships, taking our technology to the next level, and improving service quality throughout the organization. I am confident that under his leadership the company will continue to thrive and reach even greater heights."
Prior to joining Allianz Life in 2009, White served as president of Woodbury Financial Services-the independent broker-dealer for Hartford Life Insurance Company. He led the formation of Woodbury after Hartford bought Fortis Financial Group-a financial services, insurance, and investment company-in 2001. At Fortis, White served in senior leadership positions in operations, finance, marketing, and sales.
Bhojwani, meanwhile, joined Allianz Life in 2007 after serving as president of the commercial business segment at Fireman's Fund Insurance Company-another Allianz SE subsidiary. He's credited with boosting Allianz Life's operating profit (which reached a record $800 million for its 2009 fiscal year), leading the development of an innovative suitability practice, and improving employee morale.