Pimco Chief Executive Douglas Hodge said the resignation of his predecessor Mohamed El-Erian caught everybody by surprise but an internal succession plan enabled the bond fund manager to distribute his tasks swiftly.
'Mohamed El-Erian's departure was a very personal decision and was a big surprise for all of us', Hodge was quoted as telling German newspaper Euro am Sonntag on Saturday.
Reuters reports that El-Erian, who had been widely seen as co-founder Bill Gross's heir apparent, stunned the investment community in January by announcing his departure. He will leave Pimco, a unit of Germany's Allianz, Europe's largest insurer, in mid-March.
Several U.S. institutional investors have said they are closely monitoring the developments at Pimco in the wake of El-Erian's abrupt resignation as CEO and ensuing acrimony between him and Gross.
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