Bridgewater, the investment firm founded by billionaire innovator Ray Dalio, is returning to its previous dual-chief-executive business model as current CEO David McCormick pursues political office in Pennsylvania. While McCormick prepares for a campaign for Pennsylvania state Senator, Bridgewater has named Nir Bar Dea, the firm’s deputy chief executive, and Mark Bertolini, a firm board member and former chief executive at Aetna, as co-CEOs. It isn’t the first time Bridgewater has utilized a multi-CEO power structure; until McCormick ascended to the role in 2019, the firm was run by two or three chief executives since its founding.
Bar Dea joined Bridgewater in 2015, initially as a researcher before serving as co-head of the firm’s investment engine, and ultimately as the number two to McCormack. Previously, he served as an advisor to the Israeli Mission for the United Nations, in addition to working on several entrepreneurial projects. Bertolini is a veteran of the insurance industry, including his leadership role at Aetna from 2010 to its 2018 acquisition by CVS. He also held leadership roles with Cigna, NYLCare Health Plans, and SelectCare, Inc., and he currently serves on the boards of several organizations. Bridgewater, the highest-grossing hedge fund in history, has experienced a stretch of mediocre results and is hoping an executive shake-up could provide a much-needed boost to the company’s performance.