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Barclays nyse Bcs Ex pimco Boss El erian to Step Down from Board

Barclays (NYSE: BCS): Ex-PIMCO Boss El-Erian to Step Down from Board

LONDON – Former PIMCO CEO Mohamed A. El-Erian will step down from the board of Barclays (NYSE: BCS), the British bank said on Friday, following his appointment as chair of sportswear brand Under Armour Inc. (NYSE: UA).

A frequent media commentator on markets, finance, and interest rates, El-Erian gained fame in the investing community for a successful stint at investment management firm PIMCO in the early 2000s managing emerging market bond investments.

El-Erian helped the fund steer clear of Argentina’s sovereign debt default in 2001.

After a stint at Harvard, he returned to PIMCO in 2007 as CEO and co-chief investment officer alongside Bill Gross.

In 2012 U.S. President Barack Obama appointed him as chair of the President’s Global Development Council.

Barclays (NYSE: BCS) also said it has appointed Brian Shea, former CEO of investment services for BNY Mellon from 2014 until his retirement in 2017, as a non-executive director.

(Source: Reuters)