Dalio, a billionaire with influential macroeconomic views, will no longer serve as co-chief executive officer of the Westport, Connecticut-based firm, according to a note he posted on LinkedIn Wednesday. Dalio, 67, will remain co-chief investment officer (CIO) and co-chairman.

The move comes as Jon Rubinstein, a former Apple executive who was hired as co-CEO in May, plans to leave the firm but will remain an advisor, the note said.

"We mutually agree that he is not a cultural fit for Bridgewater," Dalio wrote on LinkedIn.

Bridgewater manages about $160 billion, according to its website, and is known for a unique culture of "radical truth and radical transparency" whereby intellectual conflict is encouraged to promote a meritocracy of ideas, avoiding traditional office politics.

The culture is not for everyone. The firm is known for relatively high turnover among its roughly 1,700-person staff. An estimated 25 percent departs during the first 18 months of employment.

The note from Dalio also said that David McCormick, already Bridgewater's president, will join Eileen Murray as co-CEO. McCormick had been under consideration for roles within the administration of President Donald Trump; in January, he declined an offer to be U.S. deputy secretary of defense.

"David, Eileen, and the people who support them have a proven understanding of Bridgewater and its unique culture, and they treasure these things," Dalio wrote.

"Any organization run by a 60+ year old that says that it isn’t in transition is either naïve or disingenuous," Dalio added, noting a 10-year process started around 2010 to eventually replace him.

Dalio made it clear the moves did not amount to his retirement.

"I’m excited about this change and expect to remain a professional investor at Bridgewater until I die or until those running Bridgewater don’t want me anymore," Dalio wrote.

Dalio said his transition out of management will be complete by April 15.

Dalio returned as co-CEO last year after another shake-up of the top ranks when Greg Jensen, who was also co-CIO, stepped down as co-CEO. The dual roles were deemed to be too "tough," according to the note Wednesday and Jensen remains a key figure as co-CIO along with Dalio and longtime deputy Robert Prince.

John Megrue, chairman of private equity firm Apax Partners U.S., joined Dalio as a co-chairman on January 1st, a previously announced move.

(Reporting by Lawrence Delevingne; Editing by Chizu Nomiyama and Frances Kerry)

By Lawrence Delevingne