Mohamed A. El-Erian will become sole chief executive officer of bond giant PIMCO at the end of the year, when co-CEO Bill Thompson retires, according to a PIMCO news release.
Mr. Thompson, who had been CEO for most of the past 15 years until Mr. El-Erian returned to PIMCO in January after a brief stint as president and CEO of the $34.9 billion Harvard Management Co., will remain available to both PIMCO and its parent company, Allianz Global Investors, for consulting projects. He also plans to pursue personal interests, including philanthropic activities, according to the release.
Mr. El-Erian will remain co-CIO of PIMCO, along with bond market guru Bill Gross.
PIMCO had $840 billion in assets under management, according to the release.