(Bloomberg) -- Mohamed El-Erian, widely viewed as the successor to Pimco’s Bill Gross, resigned after six years as the firm struggles to stem record redemptions from the world’s largest bond fund.

El-Erian, 55, will leave his dual roles of chief executive officer and co-chief investment officer in mid-March, according to a statement yesterday from Allianz SE, the Munich-based parent of Pimco. Douglas Hodge, the firm’s operating chief, will become CEO, and money managers Andrew Balls and Daniel Ivascyn will become deputy investment chiefs, overseeing the firm’s $1.97 trillion alongside CIO Gross.

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