Remember when Bill Gross and PIMCO parted ways and then everyone started screaming about why and how?
Well, it appears that PIMCO is once again looking to end a toxic employment situation with the old "What? He quit!" defense...
A senior Pacific Investment Management Co. executive resigned on Friday after facing allegations he acted inappropriately toward a colleague, people familiar with the matter said.
Bill De Leon, head of portfolio risk management and a managing director at the Newport Beach, Calif., bond manager, stepped down following a weeklong internal investigation into his alleged behavior at a May 2017 charity event in New York, the people said. While the gathering wasn’t a Pimco event, it was attended by several employees of the firm.
For many moons, getting caught playing a little drunken game of "GrabAss" at a quasi-work event was something that could be politely ignored. And in those rare cases, firms would realize that they had a real headache on their hands and let the offending manager suddenly realize that he was ready for some life changes and politely leave the said firm. But in these days of #MeToo and the long-time-coming crusade for transparency and punishment, it is impossible for companies to handle this stuff quietly, even in financial firms far from the madding crowd...
Reached on Sunday, Mr. De Leon said: “I resigned from the firm to spend more time with my family.” He declined to comment on the details of the allegations.
Aww shit, nice try bro! That's what we were just talking about. You did the crime in the wrong time and no firm with half a functioning management brain would let you get away with that old chestnut, right PIMCO CEO and CIO?
Messrs. Roman and Ivascyn wrote in the same memo that Mr. De Leon was resigning “to spend more time with his family.”
Somewhere in Orange County, Bill Gross is laughing a very creepy laugh.