Pacific Investment Management Co. LLC announced yesterday that Mohamed A. El-Erian has been elected to serve as chief executive, replacing Bill Thompson, who will retire at the end of this year.
Mr. El-Erian had returned to Pimco in January after serving as president and chief executive of Cambridge, Mass.-based Harvard University's endowment since 2005.
In January, he returned to Pimco in a newly created position as managing director, co-chief executive and co-chief investment officer.
In his new capacity, Mr. El-Erian will continue in his role as co-chief investment officer with Bill Gross.
Mr. Thompson has served as the chief executive of the Newport Beach, Calif.-based firm for 15 years.
He will now be available for special projects and consultations for Pimco and parent company Allianz Global Investors of New York and plans to pursue personal projects such as serving on corporate boards and philanthropic activities, according to a statement from the firm.
As of June 30, Pimco had $829.5 billion in assets under management.
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