Ray Dalio, Founder and Co-CEO of Westport's Bridgewater Associates, To Step Down

WESTPORT, CT — Greenwich resident Ray Dalio, founder and co-CEO of Westport-based hedge fund Bridgewater Associates, will give up his co-CEO title and step down from management of the firm in April, according to a post on LinkedIn.

Dalio, Connecticut's wealthiest resident, will remain co-Chief Investment Officer and co-Chairman at the company, which is the world's largest hedge fund.

"Any organization run by a 60+ year old that says that it isn’t in transition is either naïve or disingenuous," wrote Dalio. "For that reason, when I was about 60 (seven years ago), Bridgewater started its management and equity transition, with a goal of having others replace me. As explained at the time, we allowed for this transition to take up to ten years because we knew that getting things right would take some adjusting of the ways we did things and some trial and error. We have done what we have said we would do, and we have kept you informed. The purpose of this note is to continue doing that."

In describing Bridgewater's transition, The New York Times wrote that the management shake-up is "the latest in a series of tumultuous moves" by the company during the past few years. Dalio's LinkedIn post, he wrote, was because "our communications often find their way into the media in distorted ways."

David McCormick, currently President of the company, will join co-CEO Eileen Murray in that role. Co-CEO Jon Rubinstein, who was in the position for less than a year, will leave the company and take on an advisor role.

Click here to read to the full post on LinkedIn.

Photo: Ray Dalio. Photo credit: Michel Euler/Associated Press