Point72 Asset Management—formerly SAC Capital—has lost its president Tom Conheeney just months after its guilty plea was accepted.
Conheeney served as COO and president of the hedge fund giant for 15 years and “led [the firm] through the 2008 financial crisis, the 2010 aftershocks, and the crisis following the revelation of insider trading by former employees at the firm,” CEO Steven Cohen said.
“Under Tom’s leadership, Point72’s predecessor, known as SAC Capital, grew into one of the world’s most successful hedge funds.”
The firm announced that former McKinsey & Co. director Douglas Haynes, 48, has replaced Conheeney as president. Conheeney will remain at the firm through the end of the year to help with the transition.
“Nothing I will do in my professional life will give me greater satisfaction than knowing that 850 good people came to work today and the firm thrives because of our hard work together,” he said. “I’m proud of the whole team at Point72 and leave knowing the firm is in a strong position and will be in good hands.”
The New York Times reported that Cohen had told his employees that Conheeney’s departure was “a mutual and amicable” decision.
Conheeney is the latest of a series of high-ranking executives to exit the firm. Last November, it agreed to pay a record fine of $1.8 billion for insider trading and securities fraud.
Steve Kessler, SAC Capital’s chief compliance officer, announced he would be stepping down in February after nine years at the firm. COO Solomon Kumin also left this year to begin his own hedge fund.
Since the plea, the firm significantly downsized its staff from 3,000 to 850 as it transitioned to a family office now handling $11 billion of Cohen’s personal money.
The CEO said he recruited Haynes earlier this year for the role of managing director for human capital.
“Doug has demonstrated outstanding leadership, [and] a proven track record of building outstanding teams and executing winning strategies,” Cohen said. “And we will now apply his experience and skills to a broader canvas.”
Haynes served over 20 years at McKinsey, heading up its operations practice and working with large enterprises. Prior to his position at the consulting firm, he worked fro GE’s advanced materials business in engineering, design, sales, and marketing.
“I am honored to be asked by Steve to lead Point72,” Haynes said. “I look forward to working with Steve to lead the firm as we pursue our goal of being the industry’s premier asset management firm that adheres to the highest ethical standards.”
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