Two Sigma co-CEO Scott Hoffman resigns, cites 'governance challenges'

April 1 (Reuters) - Two Sigma Investments co-CEO Scott Hoffman has resigned, the latest sign of turmoil at the U.S. hedge fund, which has been long beset by management rifts.

• Hoffman resigned, citing "ongoing governance challenges" since the return of founder John Overdeck to Two Sigma's management committee, the company said in a March 31 filing.

• Co-founder David Siegel had appointed Seth Platt last month as executive manager to replace Hoffman.

• Founded in 2001, the New York-based firm has more than $70 billion in assets under management, according to its website.

• In 2023, the hedge fund said a rift between its top managers posed governance challenges and a material risk.

• Overdeck and Siegel stepped down as co-chief executive officers in 2024, saying that its management committee has been unable to agree on topics such as "defining roles, authorities and responsibilities for a range of C-level officers," corporate governance and succession plans.

• After Overdeck and Siegel stepped down, Chief Business Officer Carter Lyons and former Lazard general counsel Scott Hoffman became co-CEOs.

• The company entered to arbitration in 2025 after the long-standing feud over the direction of the quant hedge fund.

• Overdeck returned to the management committee last year.

• "We are grateful to Scott for his contributions to Two Sigma and excited to welcome Seth, who brings nearly three decades of investment management experience to the firm," a spokesperson for Two Sigma said.