Eileen Murray, co-CEO of Bridgewater Associates, will leave the firm at the end of first quarter.
David McCormick, Bridgewater's other co-CEO, will serve as sole CEO after Ms. Murray's departure, confirmed Ryan FitzGibbon, a company spokeswoman.
Ms. Murray joined Bridgewater in July 2009. She served as co-CEO with Raymond T. Dalio, currently co-chairman and co-chief investment officer, until 2017 when Mr. McCormick replaced Mr. Dalio in the co-CEO role as part of the firm's 10-year succession plan.
In a letter to Bridgewater employees obtained by Pensions & Investments, Ms. Murray said: "I want to let you know that after much thoughtful deliberation, I have decided … to take a break and consider what will come next for me. This is my natural next step now because I have achieved my major goals and am looking for new challenges and opportunities."
Ms. Murray said in the letter that she has been "lucky to work with so many amazing partners," including Mr. Dalio, during her tenure at Bridgewater and expressed gratitude for having had the opportunity to "vastly improve Bridgewater's efficiency" through implementation of a dual-processing and partnership with Bank of New York Mellon and Northern Trust.
"It is a remarkable thing when a founder who built a company over a number of decades can successfully transition the company to the next generation. Eileen Murray was key to that," Mr. Dalio said in a company news release.
"Now that we have made that transition, Eileen wants to move on to something new and make room for others. I can't possibly express how grateful I am to her for helping us get to this point," Mr. Dalio said.
Bridgewater manages $160 billion, about $140 billion of which is in hedge funds.