CEO Quits His Job Making $100 Million Per Year After Receiving A Letter From His Daughter
September 26, 2014
Mohamed El-Erian shocked the financial world when he announced his resignation as CEO of PIMCO.
Credit: Reuters
The 56-year-old CEO of the $2 trillion investment firm decided to quit after his 10-year-old daughter presented him with a list of milestones in her life that he had missed.
El-Erian said the wake-up call happened when he was arguing with his daughter about brushing her teeth and she left to fetch a piece of paper from her room.
"It was a list that she had compiled of her important events and activities that I had missed due to work commitments," he wrote.
The list contained 22 items, from her first day at school and first soccer match of the season to a parent-teacher meeting and a Halloween parade.
"I felt awful and got defensive: I had a good excuse for each missed event! Travel, important meetings, an urgent phone call, sudden to-do.
"But it dawned on me that I was missing an infinitely more important point ... I was not making nearly enough time for her."
El-Erian said wanting to spend more time with his family is a cliche but he decided that "his need to be a good father was greater than his desire to be a good investor".
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