Steve Cohen, founder of Point72, is handing the title of president to his co-chief investment officer Harry Schwefel and forming a new executive committee that will be responsible for day-to-day operations of the $50 billion multi-strategy hedge fund, an internal memo seen by Reuters Thursday showed.

The committee will include Schwefel and other senior Point72 executives Gavin ‌O'Connor, Vincent Tortorella and Michael "Sully" Sullivan, Cohen said in the memo to employees.

Cohen, a billionaire who is ​also the owner of the New York Mets baseball team, will chair the committee and continue to operate as chairman, CEO and co-CIO of the multistrategy hedge fund, while the new group will partner ⁠with Cohen to oversee the strategy and direction of the firm, he added.

Cohen, 69, will run every meeting and sign off ​on decisions the committee makes.

O'Connor will become executive vice president at Point72, overseeing its strategy, risk, treasury, market intelligence, technology and investor ⁠relations operations.

Tortorella will take on the role of chief operating officer. Sullivan will continue in his current role as chief of staff at Point72.

"Over the past few years our firm has grown across virtually every metric — AUM, headcount, global footprint. As we continue to pursue the growth of existing and new ‌strategies, I want to ensure our management structure matches our current scale and growth ambitions," Cohen said in the ​memo.

The firm, which has ‌more than 3,000 employees, delivered net returns of 19% and 17.5% in 2024 and 2025, respectively, Reuters previously reported.

NEW GENERATION OF LEADERS

The latest developments come at a time when other ‌global multi-strat funds are making similar moves to develop a new generation of leaders, with an eye toward long-term succession planning.

Cohen has no plans to leave the firm, a Point72 spokesperson said, adding that as the co-CIO he will continue to ⁠work closely with Point72's investment teams.

"In many ways, these changes ‌reflect and formalize how the firm has been ⁠operating. Harry, Gavin, Vinny and Sully have been in key leadership roles here for a long time, and I'm confident this new structure will help us stay ⁠disciplined and collaborative ⁠as we continue to grow," Cohen said.

Since Cohen stopped trading and running a portfolio in 2024, he has been spending more time focusing on the long-term strategy and growth ‌initiatives at the firm.

The note added that Schwefel, who joined the firm as a portfolio manager in 2008, will work with Mo Grimeh, head of global macro, and Geoffrey Lauprete, head of Cubist Systematic Strategies, the quantitative investing arm of Point72.

The firm's macro business has ‌grown bigger since ​Grimeh started leading it in 2020. It ‌now houses more than 50 portfolio management teams that trade most asset classes, compared to 12 portfolio managers who were mostly focused on trading rates and foreign exchange in developed markets in 2020.

Beyond its flagship fundamental equities, quantitative ​and macro funds, Point72 houses a new AI-focused fund called Turion. Point72 also started building out a private credit business in 2025 and plans to raise a separate fund for that strategy in the near future.