El-Erian resigns from PIMCO

Mohamed El-Erian resigned Tuesday as CEO and co-chief investment officer of Pacific Investment Management Co., confirmed spokesman Mark Porterfield.

Douglas Hodge, now managing director and chief operating officer at PIMCO, will replace Mr. El-Erian as CEO. William H. Gross will remain as CIO.

Mr. El-Erian will leave PIMCO in mid-March. He will remain on the international executive committee of parent company Allianz and advise the board of management of Allianz on global economic and policy issues, according to a news release. He will report to Michael Diekmann, CEO of Allianz.

Mr. El-Erian's resignation was one of several executive moves announced in the news release. Managing directors Andrew Balls and Daniel Ivascyn were named deputy CIOs. Mr. Balls is head of European portfolio management and Mr. Ivascyn, head of mortgage credit portfolio management and a lead portfolio manager for PIMCO's alternative investment strategies.

On the business management side, Jay Jacobs, managing director and global head of talent management, was named president; and Craig Dawson, managing director and head of PIMCO Germany, Austria, Switzerland and Italy, will assume the role of head of strategic business management. Mr. Dawson is also head of product management for Europe.

“PIMCO's focus remains on delivering value to our clients through superior investment performance and client service,” Mr. Gross said in the release. “The firm's new leadership team embodies PIMCO's culture and values, and it reflects the strength and depth of our talent in both portfolio management and business management. With this team to lead us forward, PIMCO is in great hands.”

Mr. Porterfield declined to provide any information outside of the news release.