With Bridgewater's Management Transition Complete, Eileen Murray to Step Down as Co-CEO; David McCormick to Remain as CEO
WESTPORT, Conn., Dec. 3, 2019 /PRNewswire/ -- Bridgewater Associates ("Bridgewater"), a global leader in institutional portfolio management and the largest hedge fund in the world, today announced the next phase of its successful 10-year leadership transition. At the end of Q1 2020, Co-CEO Eileen Murray will be departing the firm to pursue the next chapter in her career. Co-CEO David McCormick will serve as CEO.
"It is a remarkable thing when a founder who built a company over a number of decades can successfully transition the company to the next generation," said Ray Dalio, Founder, Co-CIO and Co-Chairman of Bridgewater. "Eileen Murray was key to that. Now that we have made that transition, Eileen wants to move on to something new and to make room for others. I can't possibly express how grateful I am to her for helping us get to this point. I expect that she will always be a close friend."
When Murray joined Bridgewater, the company was approaching Dalio's transition out of the CEO job. She, along with other key longtime partners Bob Prince (33 years), Greg Jensen (23 years) and David McCormick (10 years) worked as the team that guided Bridgewater over the last 10 years.
"Eileen is a natural born leader, caring about and personally investing in the future of every employee with whom she comes into contact," continued Dalio. "She has been a great partner and an outstanding Co-CEO during an important time in our history."
"These last ten years have been an extraordinary journey and I am very proud of all that we have accomplished," said Eileen Murray, Co-CEO of Bridgewater. "With the firm's management transition on solid footing, I feel now is a good time for me to leave Bridgewater to pursue other opportunities. I am extremely grateful for the many deep and meaningful relationships I have formed with those around me. Over the past ten years, I have been fortunate to share leadership roles at the firm with Ray, Greg and David. They have each been great partners and friends. The past few years as Co-CEO with David have been especially meaningful as we have been side-by-side working on the firm's successful transition. He brings a unique blend of strategic and client-focused attributes, with a deep commitment to our people, diversity and inclusion efforts, and to the long-term success of Bridgewater."
Before joining Bridgewater 10 years ago, Eileen held senior leadership roles at Morgan Stanley and Credit Suisse during her two-decade-plus tenure in the financial services industry, including serving on both firm's management and executive committees. She was also appointed the first female member of Credit Suisse's executive board.
Eileen became Co-CEO in 2013 and has helped lead the firm to become an institution built for the long-term. During her tenure, Eileen has visualized and implemented strategic industry leading innovations and developed a world-class team of professionals as part of the transition.
Since David McCormick joined Eileen as Co-CEO in 2017, they have developed a strong partnership and the company has continued to flourish under their leadership. Key accomplishments during their co-tenure include continuing to make progress on the firm's ownership transition, solidifying and institutionalizing the firm's culture, which is the cornerstone of its long-term success, and successfully leading the firm through and cementing its management transition.
Upon Eileen's departure, Co-CEO David McCormick will serve as CEO of Bridgewater.
"David has been a critical part of Bridgewater's success over the past 10 years and has done an excellent job leading the company through the last two and a half years as Co-CEO," said Dalio. "He brings unique leadership skills and a strategic mindset that have made a big impact and will help to position us well for the future."
McCormick added: "True partnerships are rare, and I have been incredibly fortunate to have Eileen as a Co-CEO, partner and friend in developing a strong leadership model. Eileen is a visionary and her straight-forward yet caring approach has helped us achieve many key milestones over the last ten years. While we are sad to see her go, we know she will remain a meaningful member of our community for a long time to come."
About Bridgewater Associates
Bridgewater Associates is a global leader in institutional portfolio management and the world's largest hedge fund. Focused on understanding how the world's markets and economies work by having the deepest possible understanding of the global economy and financial markets, the firm translates that understanding into expertly constructed portfolios and meaningful relationships with institutional clients. Having built a track record of success for more than 40 years, Bridgewater's excellence is grounded in its distinct culture, which brings together great people and enables them to operate in a culture of radical truth and radical transparency. A testimony to the firm's commitment to excellence, its clients and the magnitude of its impact on the investment industry, are the more than 70 industry awards Bridgewater has received in the past 10 years. Recognitions include Fortune Magazine naming it the fifth most important private company in the U.S. as well as numerous awards for innovation, performance, quality of research, client satisfaction and being a top place to work.
Based in Westport, Connecticut, Bridgewater manages more than $160 billion in assets for approximately 300 of the world's largest and most sophisticated institutional investors, including public and corporate pension funds, university endowments, charitable foundations, supranational agencies, foreign governments and central banks. For more information, please visit www.bridgewater.com.
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Ryan FitzGibbon
Prosek Partners
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SOURCE Bridgewater Associates
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