Wendy CuppsPIMCO’s head of product management has announced her retirement after spending 21 years at the bond giant.
Wendy Cupps, who also serves on PIMCO’s eight-person executive committee, said she would retire at the end of this year.
Jennifer Bridwell, current managing director and head of alternative products, will permanently take over the position, the Newport Beach, California-based firm confirmed.
In an interview at PIMCO, Cupps said she was retiring from both the firm and the industry but had plans to do “something different.”
“I’ve been giving it my all and will continue to do so until the end of the year and then I’ll think about all the rest later,” she continued.
According to her bio on PIMCO’s website, Cupps and her team of 90 investment professionals provided “specialized consulting and client servicing for a broad range of clients, including public and private institutions, financial intermediaries, defined contribution plans, and individuals.”
Cupps was identified in PIMCO co-founder Bill Gross’ lawsuit against the company in October as one of the executives who allegedly pushed him “driven by a lust for power, greed, and a desire to improve their own financial position and reputation at the expense of investors and decency.”
The lawsuit claimed now-Group CIO Dan Ivascyn recruited Cupps among “other ambitious PIMCO executives who stood to gain from an upheaval.”
“Sensing that Mr. Gross’ relationship with PIMCO was at a tipping point and eager to exploit the opportunity for their own financial gain, Ivascyn and his co-conspirators including [Jay] Jacobs, Cupps, and others, informed PIMCO that if Mr. Gross were not driven from the company, they would resign,” the complaint said.
PIMCO has declined to comment on the allegations. Parent company Allianz has claimed that “the lawsuit has no merit”.
Related: Ex-PIMCO Equities CIO Opens Consulting Firm & Inside Bill Gross’ Lawsuit