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.