PIMCO Advisors Holdings L.P. of Newport Beach, Calif., announced that its CEO, William D. Cvengros, will leave the company once Allianz AG of Munich, Germany acquires a majority ownership in the firm.
The acquisition, which was announced on Oct. 31, is expected to close in the first quarter of 2000, said Michael Yeh, a PIMCO spokesperson.
When the deal is closed, William S. Thompson, CEO of PIMCO, the operating arm of PIMCO Advisors Holdings, will take on the additional title of president of Allianz Asset Management of Munich. Joachim Faber will become CEO of Allianz Asset Management, Yeh said.
Cvengros, 51, will become CEO of PacketVideo Corporation of San Diego, Calif. a software development firm. He is expected to assume the position in March, 2000.