GERMANY - Allianz Global Investors chief executive officer (CEO) Joachim Faber has announced his intention to retire at the end of the year.
Allianz Global Investors is the parent company of PIMCO and Nicholas-Applegate Capital Management. Faber (pictured) joined the firm in 1997 as chief financial officer and has held the positions of CEO Board of Management member since 2000.
Allianz also announced Marna Whittington will step down from her position as chief operating officer (COO) on 31 March 2011, in order to focus on her regional role as CEO for both Allianz Global Investors Capital and Nicholas-Applegate Capital Management. She will also lead the development of the AllianzGI business in the US and will continue as head of the US equity business.
Allianz member of the Board of Management Jay Ralph, who is responsible for the North American Free Trade Agreement (NAFTA) markets and the US-based Allianz Life Insurance, will be assuming both roles. He will take on the position of COO from 1 April and will be named CEO replacing Faber from 1 January 2012.
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