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MONEY MANAGEMENT

PIMCO names co-COOs, says Jay Jacobs to retire as president

Pacific Investment Management Co. named a pair of veteran executives as co-chief operating officers to replace retiring President Jay Jacobs on Tuesday, the biggest reorganization since CEO Emmanuel “Manny” Roman joined the money manager in November.

Robin Shanahan and Peter Strelow will serve as co-COOs, reporting directly to Mr. Roman, who came to PIMCO from Man Group. In the positions they will oversee operations, not money management, which will continue to be headed by Dan Ivascyn.

Mr. Jacobs, who joined PIMCO 19 years ago and served as president since 2014, will retire Sept. 30, while continuing to advise the company, according to a statement from PIMCO.

“Through almost two decades at PIMCO, Jay has made an invaluable contribution to the firm, our employees and clients and the firm's strength and stability,” Mr. Roman said in the statement.

Ms. Shanahan has been at PIMCO for 10 years and is currently the firm's global head of human resources. Mr. Strelow, who started at PIMCO 15 years ago, is chief administrative officer and global head, funds.

Mr. Roman has said he planned to increase the firm's headcount by about 100 over the next year. PIMCO managed about $1.5 trillion as of March 31.