Ray Dalio’s Bridgewater Associates is planning to change its partnership to give more employees ownership as the firm moves toward the next phase of its decade-long succession plan.

Dalio discussed the changes, which were announced Thursday to employees and earlier reported by the New York Times, in an interview with Bloomberg Television. The new structure will give more employees say in the governance and management of the firm, and will give them a greater economic stake in the hedge fund firm, Dalio said.

“It seemed like a natural evolution,” Dalio said. “We’re going to something that needs broader and more formalized partnership.”

The move comes as Dalio is about midway through a 10-year succession plan. The billionaire, who plans to relinquish his co-chairman title within the next four years, has had trouble getting the right leadership team in place since the transition officially began in 2010.

Together with co-chief investment manager Bob Prince and Greg Jensen, Dalio chose six seed partners and 50 other partners, he said. The two classes will work together to establish the functions, members, and responsibilities of the new partnership, among other things, according to a person with knowledge of the matter. The employee partners will elect three members to Bridgewater’s board of directors, said the person.

“They will have board representation because they’re the owners,” Dalio said in the interview. Several of the partners already have equity in the firm, “but will continue to have more equity,” he said.

Dalio said the firm has no plans to go public.