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David McCormick. Photo: Jin Lee/Bloomberg via Getty Images
Bridgewater Associates CEO David McCormick stepped down from his post to consider joining the Republican primary for an open U.S. Senate seat in Pennsylvania, the world's largest hedge fund announced Monday.
Why it matters: The race to replace Sen. Pat Toomey (R-Pa.), who is retiring at the end of his term, is expected to be one of the most competitive in the country and could determine control of the Senate.
- Other GOP candidates include celebrity surgeon Mehmet Oz, conservative commentator Kathy Barnette and Carla Sands, a former ambassador to Denmark.
Details: McCormick joined the firm in 2009 after spending time in several roles in the George W. Bush administration, according to the New York Times.
- Nir Bar Dea, the deputy chief executive at Bridgewater, and Mark Bertolini, a board member, were named co-CEOs of the hedge fund.
What they're saying: "David has made the decision to leave Bridgewater in order to consider running for the open Senate seat in his home state of Pennsylvania," Bridgewater said in a statement.
- "We all recognize that Dave is a hero on a hero's journey," it added. He "always has been from his stint at West Point and in the military, then his time in the White House and the US Treasury."
- "While we will miss him, we are also joyous for his opportunity to pursue his hero's journey in service to our country, and we are especially grateful for the gifts he left us."