PIMCO CEO El-Erian Will Resign in mid-March

NEW YORK (AP) -- Allianz said Tuesday the CEO and co-chief investment officer of its U.S. asset-management company PIMCO is resigning as part of leadership changes.

The company said Mohamed El-Erian would leave Pacific Investment Management Co. in mid-March but remain on the Allianz International executive committee and advise Allianz on global economic and policy issues.

Chief Operating Officer Douglas Hodge will become CEO, and PIMCO founder William H. Gross will stay as chief investment officer.

In a brief statement, the German parent company gave no explanation for El-Erian's departure.

Allianz CEO Michael Diekmann said the company was pleased that it "will continue to profit from the expertise of Mohamed El-Erian," including his global network and knowledge of economics.

Allianz board member Jay Ralph said filling all jobs with internal candidates indicated PIMCO's strength.

The company said that PIMCO's global head of talent management, Jay Jacobs, would become president, and it announced three other executive promotions.

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