Bridgewater Associates Chief Executive Officer David McCormick has stepped down from his role to run for an open US Senate seat in Pennsylvania, the world’s largest hedge fund said on Monday.
The Westport, Conn.-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, which was acquired by CVS Health Corp 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 US Treasury under Secretary for International Affairs in the George W. Bush administration.
McCormick joins ranks with other prominent Wall Street veterans who recently switched to politics. In October 2020, Citigroup Vice-Chairman Ray McGuire stepped down to run for mayor of New York.
Bloomberg CEO Michael Bloomberg was New York City mayor from 2002 to 2013, while former Goldman Sachs banker Phil Murphy is the current governor of New Jersey.
Meanwhile, just a year ago, Bridgewater’s billionaire founder, Ray Dalio, tweeted support for then-newly elected President Biden.