Following his final pronouncement as the not-outgoing CEO of PIMCO (and the worst of his seven years at the helm), Bill Gross’ soon-to-be-former-co-CIO will probably be spending a little less time at his completely ordinary office. As for B.G., well, he’s energized and ready to keep at it until he is 109.
Mohamed El-Erian stepped down as chief executive of Pacific Investment Management Co., the giant asset-management firm that emerged as one of the winners of the global financial crisis but which has recently been hit by waning investor taste for plain vanilla bonds.
Mr. El-Erian will leave in mid-March after seven years at the helm of Pimco, which manages $2 trillion as a unit of Germany’s Allianz SE. He will remain on the German company’s International Executive Committee and will advise on global economic and policy issues….
Mr. Gross, Pimco’s co-chief investment officer with Mr. El-Erian since 2007, will become chief investment officer, the company said….
With the departure of Mr. El-Erian, Pimco’s management heads in a new direction. By elevating Douglas Hodge to the role of chief executive, the firm is putting an executive with experience in client relations and business in the top management role at the firm. That’s a shift from Mr. El-Erian, whose background is in investment and economics, and who emerged during the financial crisis as one of the most oft-quoted experts on the state of the economy and financial markets.
Pimco CEO Mohamed El-Erian to Leave Pimco in March [WSJ]
El-Erian’s Departure Caps Tumultuous 12 Months for Pimco [WSJ MoneyBeat blog]
Bill Gross: ‘I’m Ready to Go for Another 40 Years’ [WSJ MoneyBeat blog]