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Robert Mercer to Resign
Robert Mercer, the co-CEO of Renaissance Technologies, is resigning his post as of January 1.
Mercer's far-right Republican beliefs were at odds with the views of his co-CEO Peter Brown and founder Jim Simons, who retired in 2010. Both men are Democrats, and Simons was a major donor to political organizations supporting Democratic presidential candidate Hillary Clinton.
A different take: Renaissance Technologies Jim Simons
Mercer will stay at the firm doing technical research.
The retirement fund for Baltimore's police and firefighters pulled its $33 million investment in Renaissance due to discomfort with Mercer's political activism.
Renaissance Technologies has more than $50 billion in assets, and Mercer's resignation as co-CEO won't have a significant impact on the firm's finances.
Mercer is distancing himself from former White House adviser Stephen K. Bannon, who has gone back to running Breitbart News, the divisive media outlet and hub for nationalist and far-right activism.
Mercer is selling his investment in Breitbart to his daughters, who are also active in conservative politics.
Brown will take over as CEO of Renaissance Technologies on January 1, succeeding Mercer.
Recommended read: Ceo Renaissance Technologies
Sources
- https://www.institutionalinvestor.com/article/2bsw29xb0gvyb8bipuzgg/corner-office/renaissance-technologies-robert-mercer-to-resign-as-co-ceo
- https://www.nytimes.com/2017/11/02/business/robert-mercer-renaissance.html
- https://www.nytimes.com/2021/09/02/business/renaissance-irs-robert-mercer-james-simons.html
- https://www.npr.org/2017/11/02/561634551/billionaire-investor-robert-mercer-to-step-down-from-firm-selling-stake-in-breit
- https://www.marketsmedia.com/renaissance-technologies-ceo-says-investing-is-giant-problem-in-math/
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