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David McCormick

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This is an old revision of this page, as edited by Chicago Bear Fair and Square (talk | contribs) at 03:56, 6 June 2020 (Per article in the Wall Street Journal, the co-CEO departed in December 2019. Changed the title to "CEO"; This is mentioned later in the article, but I added the additional citation). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

David McCormick
Under Secretary of the Treasury for International Affairs
In office
August 2007 – January 20, 2009
PresidentGeorge W. Bush
Preceded byTimothy D. Adams
Succeeded byLael Brainard
Personal details
Born
David Harold McCormick

(1965-08-17) August 17, 1965 (age 59)
Washington, Pennsylvania U.S.[1]
Political partyRepublican
Spouse
​
(m. 2019)​
EducationUnited States Military
Academy (BS)
Princeton University (MA, PhD)

David Harold McCormick (born August 17, 1965) is an American business executive. He is the CEO[2][3] and a member of the Management Committee at Bridgewater Associates, a global macro investment firm with over $160 billion in assets under management.[3] He was formerly Under Secretary of the Treasury for International Affairs.[3]

Education

McCormick graduated from West Point in 1987 with a Bachelor of Science degree[4] in mechanical engineering. He was a four-time letterman on the Army wrestling team and the team's co-captain his senior year. He was two-time Eastern runner-up at 167 pounds.[5]

In 1996, he earned a Ph.D. from Princeton University. Two years later, he published a book based on his doctoral thesis called The Downsized Warrior about the downsizing of the U.S. Army at the end of the Cold War.[5]

Career

Prior to joining Bridgewater, McCormick spent more than 20 years in the military, government and business.

1988 to 1993 - Military service

After leaving West Point, McCormick went to United States Army Airborne School and Ranger School, where he was named the Honor Graduate of Ranger School. He joined the 82nd Airborne Division at Fort Bragg, North Carolina, in 1988.

McCormick was part of the first wave of U.S. troops sent into Iraq during the first Gulf War in 1991.[6] He was executive officer of a combat engineering company of 130 soldiers tasked with clearing minefields and destroying enemy munitions. McCormick left the service in 1993 after serving for five years.[6]

1996 to 2005 - Early career

From 1996 to 1999, McCormick worked as a consultant at McKinsey & Co. based in Pittsburgh.[5]

In 1999, McCormick joined FreeMarkets, a global provider of software and services. Later that same year the company conducted an initial public offering.[7] McCormick was promoted to president of FreeMarkets in 2001 and was named Chief Executive Officer in 2002. He successfully sold FreeMarkets to Ariba in 2004 for approximately $500 million[5][8] and then remained at Ariba as president for the next 18 months before he was asked to join the Bush administration.

2005 to 2009 - Public service

McCormick's career in government began in 2005 when he was nominated and confirmed as the Commerce Department's Under Secretary of Commerce for Industry and Security.[9] Later he became the Deputy National Security Advisor for International Economic Policy and was George W. Bush's personal representative and negotiator to the G-8 industrialized countries before moving to the Treasury Department in 2007.[10] In 2013, McCormick was one of 131 Republican Party members to sign an amicus curiae brief submitted to the Supreme Court "in support of the freedom to marry".[11]

McCormick was Under Secretary of the Treasury for International Affairs from 2007 to 2009, serving as the United States' leading international economic diplomat.[10] In this role, he was the principal adviser to Treasury Secretary Henry Paulson on international economic issues and oversaw policies in the areas of international finance, trade in financial services, investment, economic development and international debt policy.

McCormick coordinated financial market policy with the Group of Seven (G7) industrialized countries and the Group of Twenty (G20) global economies, working with finance ministers as well as their deputies.[5] He served as Secretary Paulson's point person on the international response to the 2008 financial crisis.[12] McCormick was credited with using his relationships with top executives and policy makers around the world to help coordinate the Treasury Department's response.[6]

In 2009, McCormick was also appointed a faculty member at Carnegie Mellon's Heinz College and named a Distinguished Service Professor of Information Technology, Public Policy and Management.[13]


2009 to Present - Bridgewater Associates

McCormick joined Bridgewater Associates in 2009.[5] Since 2016 he has served as Co-CEO where he is responsible for overseeing the management of the firm,[14][15] as well as advising some of the largest investors in the world including pension funds, sovereign wealth funds, endowments, and central banks on their investments and the global economy, with a particular focus on the intersection of policy and markets.[5]

In early 2019 McCormick was under consideration for U.S. Secretary of Defense.[16]

In December 2019, it was announced that McCormick would become the sole CEO of Bridgewater in 2020, marking the end of a 10-year management transition of the firm.[17][18]

Trusteeship & Philanthropy

McCormick is a Trustee of the Aspen Institute and Carnegie Mellon University,[19][20] and he is the Chairman of the International Advisory Board of the Atlantic Council.[21]He is a member of the Trilateral Commission,[22] the Council on Foreign Relations,[23] the Aspen Strategy Group,[24] and the Defense Policy Board.[25] As a veteran, McCormick is an active supporter of military service members, serving on the board of the United Service Organizations (USO).[26] Additionally, he serves on the board of the Hospital for Special Surgery (HSS)[27] and is the Chairman of the Atlantic Council's International Advisory Board.[28] He is a former trustee of Rare (conservation organization).

Personal life

In 2019, McCormick married Dina Powell, a former executive at Goldman Sachs who served as Deputy National Security Advisor in the Trump Administration.[16] He has four children and lives in Connecticut.[29]

Published works

  • The Downsized Warrior: America's Army in Transition (1998)[30]

References

  1. ^ Grant, Tim (12 September 2019). "Hedge fund executive sees changing U.S. economic, political landscape". United States: Pittsburgh Post-Gazette. PG Publishing Co. Retrieved 12 December 2019.
  2. ^ https://www.wsj.com/articles/eileen-murray-to-depart-bridgewater-worlds-largest-hedge-fund-11575395067
  3. ^ a b c Fortado, Lindsay; Wigglesworth, Robin (6 December 2019). "Former US Ranger ready to take command at Bridgewater". Financial Times. Nikkei. Retrieved 9 December 2019.
  4. ^ "Executive Profile: David Harold McCormick Ph.D." Bloomberg. Retrieved 12 December 2016.
  5. ^ a b c d e f g Rice, Daniel E.; Vigna, John. West Point Leadership: Profiles of Courage. Daniel E. Rice. pp. 413–532. ISBN 0989147304. Retrieved 11 August 2014.
  6. ^ a b c Ward, Jon (16 December 2008). "Treasury's prized persuader". United States: The Washington Times. The Washington Times, LLC. Retrieved 11 August 2014.
  7. ^ Ewing, Terzah. "FreeMarkets' IPO Marks Another Explosive Debut". The Wall Street Journal. Retrieved 11 August 2014.
  8. ^ Kawamoto, Dawn (January 23, 2004). "Ariba to buy FreeMarkets for $493 million". ZDNET. Retrieved 11 August 2014.
  9. ^ "David McCormick -- Department of Commerce". White House Archives. Retrieved 11 August 2014.
  10. ^ a b "David H. McCormick, Under Secretary for International Affairs, Department of the Treasury". US Department of State. Retrieved 11 August 2014.
  11. ^ Avalon, John (Feb 28, 2013) The Pro-Freedom Republicans Are Coming: 131 Sign Gay-Marriage Brief The Daily Beast, accessed Feb 6, 2013
  12. ^ Lowenstein, Roger. "Mr. Goldman Goes to Washington". The New York Times. Retrieved 11 August 2014.
  13. ^ "Former Undersecretary for International Affairs Joins Carnegie Mellon's Heinz College in D.C." Carnegie Mellon University. 2009-04-07.
  14. ^ Williamson, Christine (1 March 2017). "Ray Dalio to step down from co-CEO role as part of shakeup at Bridgewater". United States: Pensions & Investments. Crain Communications Inc. Retrieved 21 January 2018.
  15. ^ "Hedge fund executive sees changing U.S. economic, political landscape". Pittsburgh Post-Gazette. Retrieved 2019-12-12.
  16. ^ a b Seligman, Lara (20 February 2019). "Does Anyone Want to Be Secretary of Defense?". United States: Foreign Policy. The Slate Group. Retrieved 9 December 2019.
  17. ^ Fortado, Lindsay (6 December 2019). "Former US Ranger ready to take command at Bridgewater". Financial Times. Retrieved 15 December 2019.{{cite web}}: CS1 maint: url-status (link)
  18. ^ https://www.wsj.com/articles/eileen-murray-to-depart-bridgewater-worlds-largest-hedge-fund-11575395067
  19. ^ Board of Trustees Carnegie Mellon University, retrieved Jan 24 2012
  20. ^ New Trustees Elected to Aspen Institute Board The Aspen institute, retrieved Jan 24 2012
  21. ^ Horne, Travis. "Atlantic Council taps David McCormick, former Treasury and White House official and Bridgewater co-CEO, as Chairman of its International Advisory Board". Atlantic Council. Retrieved 2018-02-08.
  22. ^ [1] Trilateral Commission, retrieved November 30, 2015
  23. ^ [2] Archived 2014-10-06 at the Wayback Machine Council on Foreign Relations, retrieved Sep 16, 2014
  24. ^ [3] Archived 2015-06-06 at the Wayback Machine Aspen Institute, retrieved Sep 16, 2014
  25. ^ "DoD Announces New Defense Policy Board Members". U.S. DEPARTMENT OF DEFENSE. Retrieved 2018-02-08.
  26. ^ Support, Ways to; Wishbook; Careers; USO, Find a; Volunteer; Store; Story, Share your USO; Us, About; Facebook. "Board of Governors". United Service Organizations. Retrieved 2019-12-15. {{cite web}}: |last9= has generic name (help)
  27. ^ "Hospital Leadership: Officers, Trustees, Advisers, Councils". Hospital for Special Surgery. Retrieved 2019-12-15.
  28. ^ "International Advisory Board". Atlantic Council. Retrieved 2019-12-15.
  29. ^ Shropshire, Corilyn (October 12, 2005) Feeling His Way Around Washington, Pittsburgh Post-Gazette
  30. ^ McCormick, David H. The Downsized Warrior: America's Army in Transition. NYU Press. p. 278. ISBN 0814755844. Retrieved 11 August 2014.
Political offices
Preceded by Under Secretary of the Treasury for International Affairs
2007–2009 		Succeeded by
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