13 months after passing the CEO hat and 38 months after Bill Gross' sudden departure, Doug Hodge
(age 60) will leave Pimco
Hodge, currently a managing director and senior advisor at Pimco, will retire from the Newport Beach, California-based fixed income titan on December 5 after 28 years with the firm, Bloomberg
and the Wall Street Journal
At a shop driven by star PMs like Gross and Mohamed El-Erian (until 2014) and Dan Ivascyn
(since 2014), Hodge stood out as a non-PM. An alumnus of both Dartmouth and of Harvard, Hodge joined Pimco in 1989 as an account manager. He rose up through the ranks, eventually taking over the Asia Pacific region in 2002. In 2009 he became chief operating officer for all of Pimco, and in 2014 he took over
as CEO, succeeding
El-Erian as Pimco weathered performance woes and outflows.
Hodge's two and a half years in the top spot at Pimco were easily the most tumultuous period in the firm's history. Six months after El-Erian left and passed the reins to Hodge, Pimco's outflows
kicked into overdrive when founder Gross shocked
the investment world and jumped ship
, thrusting Ivascyn
into the top investing spot at the firm. Three years after Pimco's rough 2014, the legal battle with Gross is over, the outflows have transformed into inflows, and performance has turned around.
A year ago Hodge passed
the CEO reins to Manny Roman
, who remains CEO today. Ivascyn remains group chief investment officer.
Neil Anderson, Managing Editor
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