Mohamed El-Erian: the man who quit his $100 million job to spend more time with his daughter
2014-09-26 07:57:10.421 GMT
By Lisa Visentin
Sept. 26 (Western Australia Today) -- As the head of a $2
trillion global investment fund, Mohamed El-Erian had scaled
the heights of the financial world and, in the process,
garnered a reputation as a world-renowned economic thinker.
But it was a simple conversation with his 10-year-old
daughter about brushing her teeth that prompted him to quit his
coveted post.
Mr El-Erian, 56, sent shockwaves through the financial
world when he announced his resignation as chief executive of
global investment firm Pacific Investment Management Company
(PIMCO) in January.
He has since revealed the reason behind his decision: a
handwritten note from his young daughter outlining 22
milestones in her life he had missed that year due to his
gruelling work schedule.
Mr El-Erain said the list was a "wake-up call" which
called into question his priorities as a father. Among the
momentous occasions he had missed were her first day at school,
her first soccer match, parent-teacher meetings and a Halloween
parade.
His daughter handed him the list when he asked her why she
had not brushed her teeth despite him asking her to do so
multiple times.
"I reminded her that it was not so long ago that she would
have immediately responded ... she would have known from my
tone of voice that I was serious," Mr El-Erian wrote in an
essay for Worth.
Although Mr El-Erian was quitting a job that reportedly
netted him $100 million a year, he noted his reasons would
resonate with all working parents.
Work-life imbalance, he wrote, is "one of our greatest
challenges" and "particularly tough on the more vulnerable
members of our population, including single parents and
lower-income families".
His own work-life balance "had gotten way out of whack,
and the imbalance was hurting my very special relationship with
my daughter. I was not making nearly enough time for her."
At the height of his career, Mr El-Erian kept a punishing
schedule where he would sleep from 9pm to 1am, then work on his
op-ed columns for several hours, get to the office at 4.30am to
work on the trading floor before taking up management duties at
9am.
Since resigning the post, Mr El-Erian has been making up
for lost time. He now takes it in turns with his wife to drive
his daughter to school and says they are planning a
father-daughter holiday together.
While he no longer has a full-time job, Mr El-Erian has
taken on a "portfolio of part-time jobs", including a role as
chief adviser to PIMCO's parent company, Allianz. He is also
chairman of US President Barack Obama's Global Development
Council.
In an interview with Reuters this week, Mr El-Erian
conceded that he had hoped to quietly slip away from his top
job and had been surprised at the interest his resignation had
generated.
"If I had known that there would be this media circus, I
would've done a lot of things differently," he said.
Click here to see the story as it appeared on Western Australia
Today web site.
WAToday.com.au
Copyright © (2011) Fairfax Media Publications Pty Limited.
www.watoday.com.au. Not available for re-distribution.
-0- Sep/26/2014 07:57 GMT
2014-09-26 07:57:10.421 GMT
By Lisa Visentin
Sept. 26 (Western Australia Today) -- As the head of a $2
trillion global investment fund, Mohamed El-Erian had scaled
the heights of the financial world and, in the process,
garnered a reputation as a world-renowned economic thinker.
But it was a simple conversation with his 10-year-old
daughter about brushing her teeth that prompted him to quit his
coveted post.
Mr El-Erian, 56, sent shockwaves through the financial
world when he announced his resignation as chief executive of
global investment firm Pacific Investment Management Company
(PIMCO) in January.
He has since revealed the reason behind his decision: a
handwritten note from his young daughter outlining 22
milestones in her life he had missed that year due to his
gruelling work schedule.
Mr El-Erain said the list was a "wake-up call" which
called into question his priorities as a father. Among the
momentous occasions he had missed were her first day at school,
her first soccer match, parent-teacher meetings and a Halloween
parade.
His daughter handed him the list when he asked her why she
had not brushed her teeth despite him asking her to do so
multiple times.
"I reminded her that it was not so long ago that she would
have immediately responded ... she would have known from my
tone of voice that I was serious," Mr El-Erian wrote in an
essay for Worth.
Although Mr El-Erian was quitting a job that reportedly
netted him $100 million a year, he noted his reasons would
resonate with all working parents.
Work-life imbalance, he wrote, is "one of our greatest
challenges" and "particularly tough on the more vulnerable
members of our population, including single parents and
lower-income families".
His own work-life balance "had gotten way out of whack,
and the imbalance was hurting my very special relationship with
my daughter. I was not making nearly enough time for her."
At the height of his career, Mr El-Erian kept a punishing
schedule where he would sleep from 9pm to 1am, then work on his
op-ed columns for several hours, get to the office at 4.30am to
work on the trading floor before taking up management duties at
9am.
Since resigning the post, Mr El-Erian has been making up
for lost time. He now takes it in turns with his wife to drive
his daughter to school and says they are planning a
father-daughter holiday together.
While he no longer has a full-time job, Mr El-Erian has
taken on a "portfolio of part-time jobs", including a role as
chief adviser to PIMCO's parent company, Allianz. He is also
chairman of US President Barack Obama's Global Development
Council.
In an interview with Reuters this week, Mr El-Erian
conceded that he had hoped to quietly slip away from his top
job and had been surprised at the interest his resignation had
generated.
"If I had known that there would be this media circus, I
would've done a lot of things differently," he said.
Click here to see the story as it appeared on Western Australia
Today web site.
WAToday.com.au
Copyright © (2011) Fairfax Media Publications Pty Limited.
www.watoday.com.au. Not available for re-distribution.
-0- Sep/26/2014 07:57 GMT