David McCormick, the chief executive officer of investment management company and the world’s largest hedge fund Bridgewater Associates has resigned from his position so as to contest for the Senate seat in Pennsylvania.
Following his resignation, the company says has appointed its deputy chief executive, Nir Bar Dea and co-Chair of operating board of directors Mark Bertolini to assume the role of co-CEOs with immediate effect.
The outgoing CEO David McCormick joined the company back in 2009 and in 2017 he was appointed a co-CEO together with co-CEO Eileen Murray. Thereafter, he became the sole chief executive officer after Murray left the company last year.
Before joining the company, McCormick had served as the United States Treasury for Internal Affairs during the administration of former President George W. Bush.
McCormick becomes the latest entry in a group of Wall Street veterans who have switched to politics including former executive at Citigroup Inc. (C) Ray McGuire who resigned to run for the mayor of New York.