Bridgewater’s CEO Steps Down, Considers Joining US Senate Race in Pennsylvania

David McCormick of Bridgewater Associates speaks on a panel at the annual Skybridge Alternatives Conference in Las Vegas, Nev., on May 7, 2015. Rick Wilking/Reuters

The CEO of Bridgewater Associates has stepped down from his post to mull launching a bid for a U.S. Senate seat, the company said Monday.

David McCormick, 59, “has made the decision to leave Bridgewater in order to consider running for the open Senate seat in his home state of Pennsylvania,” the hedge fund said in a memorandum from its top remaining executives.