Pimco CEO El-Erian Steps Down

Law360, New York (January 22, 2014, 5:59 PM EST) -- Global asset management firm Pacific Investment Management Co. LLC’s CEO Mohamed A. El-Erian has stepped down from the top post and will leave the firm in mid-March in an unexpected shift in leadership of the Allianz SE unit that has been struggling to keep investors.

El-Erian, who was CEO and co-chief investment officer, had been with Pimco for seven years. Pimco’s founder William H. Gross will continue to serve as the firm’s chief investment officer, the company said in a statement Tuesday.

Pimco said El-Erian will remain...
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