Bridgewater CEO McCormick steps down to run for Senate

Reuters

Published Jan 03, 2022 12:34PM ET

Updated Jan 03, 2022 01:06PM ET

(Reuters) -Bridgewater Associates Chief Executive Officer David McCormick (NYSE:MKC) has stepped down from his role to run for an open United States Senate seat in Pennsylvania, the world's largest hedge fund said on Monday.

The Westport, Connecticut-based company appointed Deputy CEO Nir Bar Dea and co-Chair of operating board of directors Mark Bertolini as co-CEOs with immediate effect.

Bertolini was previously chief executive of health insurer Aetna Inc (NYSE:AET), which was acquired by CVS Health Corp (NYSE:CVS) in 2018.

Outgoing top boss McCormick joined Bridgewater in 2009 and was named a co-CEO in 2017. He became the sole head in April when co-CEO Eileen Murray left.

McCormick has previously served as the U.S. Treasury under Secretary for International Affairs in the George W. Bush administration.