By Juliet Chung, and Rob Copeland
Bridgewater Associates Chief Executive David McCormick told staff Thursday that he was considering resigning to run for U.S. Senate in Pennsylvania, and that he planned to decide within the next few weeks, said people familiar with the matter.
Mr. McCormick has been discussing with Bridgewater’s leadership a possible exit from the hedge fund, and the firm’s board is drawing up potential replacement plans, some of the people familiar with the matter said.
Related: Celebrity heart surgeon Dr. Oz announces his run for Senate in Pennsylvania
On a call Thursday, Bridgewater executives told staff they were already at work on a transition in case Mr. McCormick left. A former Treasury Department official under President George W. Bush, Mr. McCormick has been at Bridgewater, the world’s biggest hedge fund, for more than a decade and was named co-CEO in 2017. He has been sole CEO only since last year, when the other co-CEO, Eileen Murray, left in an acrimonious pay dispute.
Mr. McCormick’s interest in the Republican primary for the vacant Pennsylvania seat was earlier reported by Politico.
See also: Dr. Oz says he’s running for Senate because ‘America’s heartbeat is in a code red’
An expanded version of this story appears on WSJ.com.
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