David McCormick Resigns From Hedge Fund Ahead of Likely U.S. Senate Run in Pennsylvania

The CEO of one of the world's largest hedge funds has resigned from his position ahead of his anticipated run for the U.S. Senate in Pennsylvania.

Connecticut-based Bridgewater Associates said on its website that David McCormick, 56, decided to leave the company "in order to consider running for the open Senate seat in his home state of Pennsylvania."

Since 2009, McCormick worked for the hedge fund and lived in Connecticut. He was named co-CEO in 2017 and became the sole CEO in April, when co-CEO Eileen Murray left, Reuters reported.

The company lauded his accomplishments with Bridgewater in the departure announcement, including his role as CEO in the company's transition during the COVID-19 pandemic.

"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," the company said.

In his place, and effective immediately, they appointed two co-CEOs: former Deputy CEO Nir Bar Dea and Mark Bertolini, the former co-chair of the company's board of directors.

"Through this Co-CEO model, we are getting a powerful combination of Nir, a well-respected internal leader who has worked closely with Dave, management, and the CIOs for six years, and Mark, who has enormous experience and is a globally respected and proven CEO," the company said.

McCormick has not formally announced yet whether he plans to run for the U.S. Senate, but he has aired at least two television commercials in Pennsylvania, bought a house in Pittsburgh and taken part in closed-door meetings with party donors and figures.

The race to replace retiring two-term Republican Senator Pat Toomey in bellwether Pennsylvania is expected to be one of a handful of competitive contests across the country this year that will determine control of the Senate.

The primary election is May 17.

The Republican primary field is in flux with the exit of former President Donald Trump's endorsed candidate, Sean Parnell, and the entrance of Mehmet Oz, the heart surgeon, author and TV personality.

Democrats running include John Fetterman, Pennsylvania's lieutenant governor, and third-term U.S. Representative Conor Lamb of suburban Pittsburgh.

McCormick has connections across finance, government and politics.

He is a former senior official in President George W. Bush's administration and is married to Dina Powell, who was a deputy national security adviser in Trump's administration before she returned to work at investment bank Goldman Sachs.

The Associated Press contributed to this report.