The Wall Street Journal: Bridgewater names new co-CEOs as McCormick steps down to run for Senate in Pennsylvania

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Bridgewater Associates named two new co-chief executives to head the world’s largest hedge fund on Monday, after CEO David McCormick told staff he would be stepping down to consider running for the U.S. Senate in Pennsylvania.

Bridgewater elevated to co-CEO deputy chief executive Nir Bar Dea, 40 years old, along with former Aetna Chief Executive Mark Bertolini, 65, who has been a member of Bridgewater’s board for three years, according to a memo to Bridgewater employees that was released publicly.

The announcement formalizes a transition many were expecting given Mr. McCormick’s political ambition. In December, he put out an ad touting his military record and family Christmas tree farm that all but declared his candidacy in the Republican primary.

Founded by Ray Dalio, who is known for an unorthodox management style known as radical transparency, Bridgewater manages about $150 billion.

An expanded version of this story appears on WSJ.com.

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