Pimco CEO Mohamed El-Erian is staying put in Newport Beach. El-Erian, whose name surfaced as a possible candidate for the top IMF gig if Dominique Strauss-Kahn steps down, laid speculation to rest yesterday by saying he is not interested in the IMF job.

Mohamed El-Erian Pimco CEO and Co-CIO

"I will not be part of this process; I already have a great job, here in California," El-Erian wrote in an article first published yesterday on the Financial Times' Web site.

In the article, entitled "Feudal IMF Job Process Must Change," El-Erian wrote that "under a tradition that dates back to 1944, the IMF's MD has been 'reserved' for a European, allowing the institution to develop deep roots by anchoring it to the political and economic powers of the time. But over the years, the tradition has evolved from being a source of stability to eroding the legitimacy and credibility of the institution."

He added that the managing director position should be open to all nationalities, and that candidates be evaluated on the basis of transparent job qualifications.

El-Erian's article was picked up by media outlets such as Reuters and Barron's.  

Edited by: Armie Margaret Lee


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