T. Britton Harris IV, president of Verizon Investment Management Corp., is leaving to become chief executive officer of Bridgewater Associates Inc. It is a new position. Giselle Wagner, chief operating officer of Bridgewater, said Mr. Harris officially joins the firm on Jan. 1.
Officials at Verizon wouldn't comment on Mr. Harris' resignation or who will succeed him. Mr. Harris was traveling and unavailable for comment, his assistant said.
Verizon Investment oversees $60 billion in defined benefit and defined contribution assets at Verizon Communications Inc. Mr. Harris joined Verizon Investment when the company was formed from the merger of GTE Corp. and Bell Atlantic Corp. in 2000. He had worked at GTE Investment Management since 1990, and was named president in 1997.
Mr. Harris was slated to become chairman of the Committee on the Investment of Employee Benefits Assets on Jan. 1, 2005. CIEBA's executive committee will meet next week to discuss replacing him. The group is made up of senior executives who oversee ERISA-covered pension funds.
At Bridgewater, Raymond T. Dalio will remain president and chief investment officer.
"In order to develop and grow our business in a certain way, we want to deepen the bench of management talent, and Britt is the right person to do that," Ms. Wagner said.
Bridgewater manages about $90 billion in a variety of strategies, including hedge funds, derivatives and currency overlays, high-yield bonds and traditional equity and fixed income, she said.
Bridgewater did not conduct a formal search for a new CEO, Ms. Wagner said. She said Mr. Harris had been a client of the firm for more than a dozen years. "When you work with someone for so long and when your firms are located near each other, here in Connecticut, you really do develop a strong relationship," she said. Verizon is in Stamford; Bridgewater is in Westport.