More than two months after Pacific Investment Management Co.’s former Chief Executive Officer Mohamed El-Erian announced his resignation from the world’s biggest bond manager, Bill Gross is still looking for a reason.
Gross, 69, speaking in an interview with Bloomberg Television’s Trish Regan last week, said El-Erian’s departure is still a mystery for him and a disappointment for the firm which manages the industry’s biggest bond fund. He said he may have been premature in anointing El-Erian as his sole successor.
'He simply said he was not the man to take the company forward', Gross, who manages the $232bn Total Return Fund, said in the interview. 'I would say, ‘Come on, Mohamed, tell us why’.'
The co-founder of Pimco is challenging El-Erian to speak up as he seeks to counter media reports that have painted a picture of Gross as an autocratic boss. El-Erian, who was also co-chief investment officer along with Gross, said January 21 he would leave Pimco in mid-March, and his departure was followed by reports of tension between the two men.
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