RenTech Founder Urged Bob Mercer to Step Down to Improve Company Morale
Source: Bloomberg
Jim Simons, the founder of Renaissance Technologies, urged Robert Mercer to step down from his role as co-chief executive officer over concerns that his backing of Breitbart News was hurting morale at the worlds most profitable hedge fund, according to people familiar with the matter.
In recent months, Mercers personal political projects dragged the secretive firm into the national spotlight. Mercer and his daughter, Rebekah, are prominent Republican donors and patrons of Stephen Bannon, chairman of Breitbart News, a website that backs the nationalist movement that helped elect President Donald Trump.
Simons, who is a major donor to Democratic causes, negotiated Mercers move from top executive to researcher at the computer-driven firm over the past three months, one of the people said. Mercers role will change on Jan. 1.
"I appreciated Bobs willingness to take this step," Simons said Monday night while attending a fundraiser for the New York Public Library. Mercer had become a lightning rod for activists. One group had begun targeting Renaissance Technologies investors to encourage them to fire the money manager.
Simons was less concerned about an investor revolt than he was about employee morale and recruitment, according to one of the people. The firm received a net $1 billion in inflows this month.
Read more: https://www.bloomberg.com/news/articles/2017-11-07/rentech-s-jim-simons-urged-mercer-to-step-back-to-improve-morale
Just as I thought. Simons grew to be fed up with Mercer's bullshit hurting the firm. Simons is still the boss.
lagomorph777
(30,613 posts)made his employees hate him?
Lucky Luciano
(11,258 posts)Magerman lost his job fighting Mercer internally. Don't worry for Magerman too much - he is extremely wealthy too.
Sneederbunk
(14,297 posts)BumRushDaShow
(129,304 posts)although I wish that had been done before last year's election. Corking the bottle after the evil genie gets out.
Lucky Luciano
(11,258 posts)For that matter, Mercer was probably also surprised.
BumRushDaShow
(129,304 posts)not fooled
(5,801 posts)Finding out your co-CEO is a loony-tunes nutjob responsible for installing an unqualified boob in the White House, working to wreck the country, and turning the U.S. into an international laughingstock--not good for morale.
BigmanPigman
(51,623 posts)Most likely "intense hatred" for the bastard who gave us the Fucking Moron who is destroying the country.
Lucky Luciano
(11,258 posts)Such people usually hate right wingers. I was very disappointed when I found out about Mercer five years back or so. Simons I respect tremendously.