International California-based investment management firm PIMCO recently revealed that two of its managing directors will soon helm the firm as new co-chief operating officers, with both leaders reporting directly to CEO Emmanuel Roman.

Robin Shanahan and Peter Strelow will step in to fill Jay Jacobs’ shoes when he retires from the company on Sept. 30 after 19 years. Jacobs, PIMCO’s president and himself a managing director, will oversee an approximately one-year transition period, after which he will become a distinguished global fellow at Georgetown University’s Center for Financial Markets and Policy in Washington, D.C.

“Robin and Peter are talented and experienced executives and I am excited that they will join PIMCO’s executive office to help the firm capitalize on the opportunities that we see right now in the asset management industry,” Roman said. “Robin and Peter’s experience overseeing key business functions and their skill in managing and mentoring PIMCO employees will serve our employees and clients well in their new roles.”

Of Jacobs’ departure, Roman expressed sadness but pleasure in his ongoing counsel; remarking that though “saddened by Jay’s departure, I am pleased that he has agreed to continue in an advisory role to me so I can draw on his wealth of experience and excellent judgment in many facets of the asset management industry.”

Jacobs conveyed both nostalgia and confidence in a statement, saying that the company’s clients and colleagues have strengthened PIMCO.

“I will truly miss all the remarkable people who have made my 19 years at PIMCO so enjoyable and rewarding,” Jacobs said. “I leave knowing that PIMCO is in great hands and that its best days lie ahead.”

PIMCO operates offices in 11 nations in North America, Europe and Asia, assisting investors worldwide in risk management solutions.