A crown has been passed in the Pimco empire.

The company announced today that chief executive officer and co-chief investment officer Mohamed A. El-Erian has decided to step down from his role and leave the firm in mid-March.

Douglas Hodge, perviously a managing director in the Newport Beach office and the firm's chief operating officer, has been named his successor.

Bill Gross will remain chief investment officer.

The bond giant has announced other C-suite appointments.

Jay Jacobs has been named president, and Craig Dawson has been named head of strategic business management.

Further, both Andrew Balls and Daniel Ivascyn have been named deputy chief investment officer.

The full company announcement can be found here 

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