Bridgewater Associates co-CEO Eileen Murray will depart the Westport firm at the end of the first quarter of 2020, with co-CEO David McCormick remaining as sole CEO.
Murray joined the $160 billion hedge fund in 2008 and has been co-CEO since 2013. Five people have held CEO or co-CEO positions at Bridgewater since founder Ray Dalio left that role in 2011 after 10 months as co-CEO; he retains the titles of co-CIO and co-chairman.
The executives said that Murray was seeking new challenges now that the transition away from Dalio’s hands-on leadership has been completed.
“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,” Dalio said. “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.”
“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,” Murray said.
Before joining Bridgewater, Murray 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.