The top dog of one of the world’s largest mutual fund companies is stepping down from his post.
Mohamed El-Erian, 55, has resigned as CEO and Co-Chief Investment Officer of Pacific Investment Management Company LLC (PIMCO) – effective mid-March.
El-Erian, who has been with PIMCO for 15 years, will continue on in an advisory role to parent company Allianx. El-Erian will sit on Allianz’s International Executive
Committee and the Board of Management for Allianz SE, reporting directly to the CEO of Allianz SE Michael Diekmann.
“We are pleased that we will continue to profit from the expertise of Mohamed El-Erian, from his large global network and excellent knowledge of the macroeconomic conditions,” said Diekmann in a release.
PIMCO – a U.S.-based asset management subsidiary of Allianz – is reorganizing its leadership structure as a result of El-Erian’s resignation. PIMCO’s COO, Douglas Hodge, will step up as CEO, replacing El-Erian. Jay Jacobs, Managing Director and currently Global Head of Talent Management, has been named president and the founder of PIMCO, William H. Gross, will continue on as Chief Investment Officer.
“Over the past years, PIMCO has achieved an outstanding performance in Asset Management. It speaks for the strength and diversity of PIMCO that all positions can be filled by internal candidates,” said Jay Ralph, Member of the Board of Management of Allianz SE in a release.
“With this continuity we are well prepared for the future,” El-Erian released a statement through PIMCO thanking his colleagues, but has not indicated his future plans.”