Point72’s Mike Butler, head of HR, leaves Steve Cohen’s hedge fund

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Mike Butler

Mike
Butler.

Photo courtesy of Point72
Asset Management


  • Mike Butler, the head of human resources at Steve
    Cohen’s hedge fund, Point72, is leaving.
  • His departure comes in the wake of a staffer’s lawsuit
    alleging widespread gender discrimination, including stark wage
    disparities.
  • Butler’s exit follows that of Doug Haynes, who left as
    Point72’s president earlier this year.

The head of human resources at the billionaire Steve Cohen’s
hedge fund is leaving four years after he was brought in to help
repair the firm’s culture in the wake of an insider-trading
scandal.

Mike Butler, who has been the $12 billion fund’s head of human
capital since 2014, is retiring from Point72, a spokesman
confirmed. His departure follows that of Doug Haynes, who left as
the firm’s president earlier this year.

In a statement, Point72 said: “Mike led the modernization of the
Human Capital team at Point72. He has been a person of high
integrity who has been passionate about improving the firm. We
thank him for his service.”

Reached by phone on Tuesday, Butler declined to comment. He said
in an emailed a statement on Wednesday:

“After 30 years as an HR professional, including nearly four
years as Head of Human Capital at Point72, I have decided to
retire. I am extremely proud of the transformational work we did
with our Human Capital team during my tenure, finding new ways to
source, select, develop and retain our employees. We delivered on
our mission to create the greatest opportunities to the
industry’s brightest talent. I will continue to serve as a
consultant to the firm through the autumn and I am leaving the
Point72 Human Capital function in very capable hands.”

In February, a female employee filed a lawsuit
alleging widespread gender discrimination at the hedge fund
,
including stark wage disparities between men and women who did
the same work.

Cohen’s previous firm, SAC Capital, pleaded guilty to insider
trading in 2014 and
paid a record $1.2 billion fine
. He founded Point72 shortly
afterward.

In 2016, Butler and Haynes, a McKinsey veteran, joined forces
with an external consulting firm to identify the essential skills
required for individual roles, build an inventory of those skills
across every position in the firm, and map it all out,
Business Insider reported at the time
. It was part of an
effort to revamp the company’s culture and prepare it to accept
client money again.

Source

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