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The company appointed Deputy CEO Nir Bar Dea and co-Chair of operating board of directors Mark Bertolini as co-CEOs with immediate effect.
McCormick, who joined the investment management company in 2009, 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.
The outgoing CEO joins ranks with other prominent Wall Street veterans who recently switched to politics. In October, Citigroup Inc (NYSE:C) Vice-Chairman Ray McGuire stepped down to run for mayor of New York.
