© 2023 WSHU
NPR News & Classical Music
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Ray Dalio, Bridgewater Founder And Co-CEO, To Step Down

Michel Euler
Ray Dalio, founder of Bridgewater Associates, speaks during a panel on the second day of the annual meeting of the World Economic Forum in Davos, Switzerland, in January.

Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, is stepping down. Dalio posted a public note that he will no longer lead the Westport, Connecticut-based firm company as of April.

Among investors, Bridgewater is notorious for its unique office culture where employees openly judge each other’s performance using in-house iPad apps. Grueling work conditions have been the subject of multiple lawsuits.

But in his note, posted on LinkedIn, Dalio said it was this open environment that made Bridgewater successful. As long as seven years ago, Dalio said he had planned to leave the company he founded. But he never did.

In published reports, this fact became a point of contention. Now Dalio is stepping down and the fund’s president, David McCormick, will replace him. Also leaving Bridgewater is Dalio’s co-CEO, Jon Rubinstein, who was on the job for just over a year.

Dalio plans to remain with the firm as cho-chief investment officer and co-chairman. 

A previous version of this story stated that Ray Dalio is retiring. He will still be working with the firm in a different capacity. 

Charles is senior reporter focusing on special projects. He has won numerous awards including an IRE award, three SPJ Public Service Awards, and a National Murrow. He was also a finalist for the Livingston Award for Young Journalists and Third Coast Director’s Choice Award.