Mohamed El-Erian has resigned as CEO of PIMCO, the world’s second largest mutual fund, but is staying on to advise parent company Allianz.
El-Erian, 55, has been with PIMCO most of the past 15 years.
He will now directly report to Michael Diekmann, CEO of Allianz.
Douglas Hodge, currently COO, will step up as CEO. Jay Jacobs was also named president.
Bill Gross is staying on as Chief Investment Officer.
El-Erian will officially step down in mid-March.
Leadership changes at PIMCO
New responsibilities for Mohamed El-Erian within Allianz Group
Pacific Investment Management Company LLC (PIMCO), US-based Asset Management
subsidiary of Allianz, has reorganized its leadership structure.
Mohamed El-Erian, Chief Executive Officer and Co-Chief Investment Officer of PIMCO,
today has resigned from his functions effective mid-March and will leave PIMCO at the same
time. He will stay on the International Executive Committee of Allianz and will advise the
Board of Management of Allianz SE on global economic and policy issues. Mohamed
El-Erian will directly report to Michael Diekmann, CEO of Allianz SE.
William H. Gross, founder of PIMCO, will remain Chief Investment Officer. Portfolio
management will be strengthened by the appointment of the Managing Directors Andrew
Balls and Daniel Ivascyn as Deputy Chief Investment Officers.
In today’s meeting, effective as of the above-mentioned date, PIMCO’s Managing Directors
also elected Douglas Hodge, Managing Director and currently Chief Operating Officer of
PIMCO, as Chief Executive Officer and Jay Jacobs, Managing Director and currently Global
Head of Talent Management, as President. Craig Dawson, Managing Director and currently
Head of PIMCO Germany, Austria, Switzerland and Italy, will assume the position as Head of
Strategic Business Management.
ʺOver 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. With this continuity we are well prepared for the future,ʺ said Jay
Ralph, Member of the Board of Management of Allianz SE.
ʺWe 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,ʺ said