Thomas Conheeney will step down as president of Point72, a family office managing the assets of its founder and chief executive officer, hedge fund manager Steven A Cohen.
Douglas Haynes has been named as Conheeney’s successor.
“I thank Tom for all that he has done during his 15 years at Point72, first as chief operating officer then as president,” says Cohen. “Under Tom’s leadership, Point72’s predecessor, known as SAC Capital, grew into one of the world’s most successful hedge funds. Among his many accomplishments, he led us through the 2008 financial crisis, the 2010 aftershocks and the crisis following the revelation of insider trading by former employees at the firm.”
Haynes, 48, will assume his new duties as firm president, effective today. Conheeney will remain at the firm through the end of the year to support an orderly transition.
“I am honoured to be asked by Steve to lead Point72,” Haynes says. “I am inspired by the talent and dedication of our investment professionals, management and staff. 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.”
Haynes is a former director of McKinsey & Company. Over his 20-plus year career, he helped build McKinsey’s global tech/media/telecom practice, played senior leadership roles for its operations practice, and headed one of its largest geographic offices. Haynes joined McKinsey in 1992 and had been part of its Atlanta and London offices, prior to moving to the Northeast in 1998. His client work included serving some of the world’s largest and most valuable enterprises.
Before joining McKinsey, Haynes worked for GE’s advanced materials business (now part of Sabic International) in engineering, design, sales and marketing.