Hedge fund CEO David McCormick is stepping down from his role as he weighs a bid for the open Senate seat in Pennsylvania.
McCormick’s departure was announced on Monday by Bridgewater, the massive hedge fund where he has served as co-CEO since 2017.
While McCormick has yet to announce whether he will run for Senate later this year, his decision to leave Bridgewater is likely to fuel speculation that he’s moving toward a campaign.
If he ultimately pulls the trigger on a Senate bid, McCormick would find himself among a crowded field of Republicans vying to succeed retiring Sen. Pat Toomey (R) in November.
Other GOP candidates in the race include businessman Jeff Bartos, former U.S. Ambassador to Denmark Carla Sands and celebrity physician Mehmet Oz.
McCormick, a West Point graduate who served as under secretary of the Treasury for international affairs under former President George W. Bush, is married to Dina Powell McCormick, who served on the National Security Council under former President Trump.
Bridgewater also announced on Monday that it is naming deputy CEO Nir Bar Dea and board member Mark Bertolini as co-CEOs to replace McCormick.
The Pennsylvania Senate race is among the closest-watched of the 2022 midterm elections, drawing more than a dozen contenders across both major parties.
The Democratic field to succeed Toomey includes Rep. Conor Lamb, Lt. Gov. John Fetterman and Montgomery County Board of Commissioners Chairwoman Val Arkoosh.