- 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.
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