Steve Cohen Relinquishes President Title at His Point72 Hedge Fund

Point72 Asset Management founder Steve Cohen is creating an executive committee to help him lead the firm’s strategy and direction, becoming the latest hedge fund billionaire to broaden leadership ranks.

While retaining the roles of chairman and chief executive officer, Cohen, who turns 70 in June, will cede the president title to his co-CIO Harry Schwefel, according to a memo to staff seen by Bloomberg. In his new position, Schwefel will work closely with the heads of Point72’s macro and quant businesses, the memo said.