Pimco CEO Mohamed A. El-Erian has been named chairman of President Barack Obama's Global Development Council, which was created to help boost global development.
El-Erian, 54, is also the bond giant's co-chief investment officer. He is a frequent guest on CNBC and has written many commentaries for CNBC.com.
El-Erian will continue in his current roles with Pimco.
El-Erian joined Pacific Investment Management Company in 1999 as a senior member of the portfolio management and investment strategy group. He worked for the International Monetary Fund for 15 years, including a two-year stint as deputy director.
The White House also announced eight other appointments to the council, which was created in February to help develop private-public partnerships: Richard C. Blum, chairman of Blum Capital Partners;
- Sylvia Mathews Burwell, president of the Walmart Foundation;
- Esther Duflo, economics professor at the Massachusetts Institute of Technology;
- Sarah Beardsley Degnan Kambou, president of the International Center for Research on Women;
- James M. Manyika, director of the McKinsey Global Institute and a senior partner at McKinsey & Company;
- William K. Reilly, senior Adviser to TPG;
- Steven Schwager, retired CEO of the American Joint Distribution Committee;
- Smita Singh, former director of the global development program at the William and Flora Hewlett Foundation.