PIMCO has named Mohamed El-Erian chief executive officer, a position he currently shares as co-CEO with Bill Thompson, who will be retiring at the end of the year.

El-Erian originally joined PIMCO in 1999 but left in 2006 to head up the endowment at Harvard University. Before joining PIMCO in 1999, El-Erian spent 15 years with the International Monetary Fund.

“I believe this is a particularly good time for a leadership transition at PIMCO because our firm has never been stronger or better positioned,” Thompson said.

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