Bridgewater CEO David McCormick has stepped down after 12 years at the firm, according to an announcement released today.
McCormick spent five years as CEO at the $140 billion hedge fund firm. The succession strategy is that the firm’s Operating Board of Directors has named two co-CEOs — current Deputy CEO Nir Bar Dea and current Co-Chair of the Operating Board Mark Bertolini.
In a public memo posted on Bridgewater’s website, the firm touted the co-CIO team’s combined experience when including founder Ray Dalio, Bob Prince and Greg Jensen. The firm also recently introduced the Operating Board made up of the co-CIOs, independent directors, and employee directors tapped by the partnership and CEO.
McCormick’s decision to step down was to consider running for the open U.S. Senate seat in his home state of Pennsylvania.
“We all recognize that Dave is a hero on a hero’s journey — he always has been from his stint at West Point and in the military, then his time in the White House and the U.S. Treasury, then through his business career and most importantly for us, at Bridgewater over the last 12 years,” wrote company executives in a staff memo.
Dalio said that while he will be missed at the firm, the team was joyous for his opportunity to pursue public service.
The newly named co-CEOs have already made several initial management changes. As an expansion of their current roles, Kyle Delaney will be president and chief commercial officer and Igor Tsyganskiy will be president and chief technology officer. Both will report into the Co-CEOs.
The co-CEOs are also finalizing the immediate evolution of Director of Investment Research Rebecca Patterson’s role, where she will be taking on more leadership between the hedge fund firm’s research and client-facing teams, which officials say will be communicated soon.