PIMCO’s Thompson to Step Down

PIMCO Co-Chief Executive Bill Thompson will retire at year-end 2008, the company announced.

A PIMCO news release said Co-CEO Mohamed A. El-Erian, who returned to the firm last September to help run the money manager (See El-Erian Leaves Harvard and Returns to PIMCO ), was elected to serve as the firm’s CEO upon Thompson’s retirement. El-Erian will also continue his role as co-CIO with Bill Gross.

The announcement credited Thompson with overseeing the firm’s growth from one office, 125 employees and $40 billion in assets under management, to nine offices around the world, over 1,000 employees and $840 billion in client assets.

Thompson will remain available for various projects and consultations.

“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 in the announcement.