Jon Rubinstein is leaving Bridgewater Associates after 10 months as co-chief executive officer, in the latest management shakeup at the world’s largest hedge fund.
Rubinstein, one of the creators of the iPod, had focused on improving technology at the $160 billion hedge fund that its billionaire founder, Ray Dalio, admits is a tough place to work amid its unorthodox work culture. Dalio said he’s also stepping down as interim co-CEO next month and will remain co-chief investment officer.
“We mutually agree that he is not a cultural fit for Bridgewater,” Dalio, 67, said in a post on his LinkedIn.
David McCormick, president of Bridgewater and who was considered for a post in the Trump administration, will move into the co-CEO role with Eileen Murray.
The changes come as Bridgewater, which Dalio founded more than four decades ago, suffers from lackluster performance and a series of management shuffles at the top. Last year, Greg Jensen lost his role as co-CEO as part of a power struggle and kept his role as co-CIO. Dalio is seeking to hand over his responsibilities as part of his long-term succession plan.
"I’m excited about this change and expect to remain a professional investor at Bridgewater until I die," Dalio said in the post Wednesday.
This article was provided by Bloomberg News.