El-Erian OUT at Pimco
Wow. Didn't see this one coming.
Mohamed El-Erian has resigned as CEO of Pimco, effective mid-March. Pretty shocking. I wonder what's behind it. He's walking away from the largest (okay, second largest as of November) mutual fund to advise the board of Allianz? It'll be interesting to see what comes out in the next couple days.
For his part, Bill Gross is remaining a class act and parting with El-Erian gracefully. It seems their friendship remains intact.