AP NEWS

Embattled Point72 president steps down

March 19, 2018 GMT

STAMFORD — Doug Haynes, the president of Point72 Asset Management, has resigned — a month after he was accused of inappropriate workplace conduct in a lawsuit against the firm.

A former McKinsey & Co. director, Haynes had served as president since the 2014 founding of Point72, which has operated as a family office managing billionaire investor Steven Cohen’s personal fortune. Cohen is now returning to hedge fund management after a two-year federal ban on investing with outside funds.

The firm did not issue a statement to Hearst Connecticut Media on Haynes’ departure, but a source familiar with the matter, who spoke on the condition of anonymity, confirmed Sunday the change had taken place.

Cohen announced Haynes’ departure in a memo to employees last Friday, saying the firm’s transitional period marked a “natural point to make way for a new, different type of leader,” according to Bloomberg.

The source credited Haynes with overseeing an “extremely successful capital raise” of $3 billion from investors, a milestone also noted in Cohen’s memo.

Cohen would serve as interim president, according to Bloomberg.

Last month, Haynes was named as a defendant in a lawsuit filed by Point72 associate director Lauren Bonner that alleges women at the firm are routinely harassed and denied equal pay and promotions.

The complaint accuses Haynes of allowing the word “pussy” to remain on his whiteboard for several weeks last year. Female employees openly shared the view that as long as Haynes served as president, “women will be paid less,” the complaint said.

Point72 officials have denied the lawsuit’s allegations.

After the federal government imposed $1.8 billion in penalties linked to Cohen’s then-hedge fund SAC Capital Advisors’ guilty plea to insider-trading charges, the firm was converted into Point72 in 2014.

Cohen was not charged with wrongdoing, but a 2016 settlement reached with the U.S. Securities and Exchange Commission prohibited him from supervising third-party funds until 2018.

Headquartered at 72 Cummings Point Road in the city’s Waterside section, Point72 employs about 1,100 worldwide. Several hundred work at the Stamford offices.

pschott@scni.com; 203-964-2236; twitter: @paulschott