(Bloomberg) -- Mohamed El-Erian resigned as head of bond-fund manager Pacific Investment Management Co. and will be replaced by Douglas Hodge.

El-Erian, 55, will leave his dual roles of CEO and co-chief investment officer in mid-March, according to a statement today from Allianz SE, the Munich-based parent of Pimco. Bill Gross, co-founder of the Newport Beach, California-based firm, will remain CIO. Portfolio managers Andrew Balls and Daniel Ivascyn will become deputy investment chiefs.

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