Two years ago the gregarious former army ranger David McCormick finally emerged victorious from a messy, decade-long process to find a new chief executive for Bridgewater.
Now the world’s biggest hedge fund is once again under new leadership after McCormick quit to contest the upcoming Senate race in his native Pennsylvania. His departure prompted Ray Dalio, the iconoclastic billionaire Bridgewater founder, to elevate two co-CEOs as replacements.
The loss of McCormick — and a return to the twin chief executive model that prevailed until his ascension as sole CEO in 2019 — has rekindled questions about the management of Bridgewater at a time when the hedge fund contends with a long stretch of mediocre results and speculation about the future of its quirky founder.