They Gave Her a $3.8 Million Bonus—and Then the Boot

Christine Rohrbeck, a rising star at hedge fund Baupost Group, remembered the advice from her yearend performance review: “Lean in.” A male senior partner was echoing Facebook Inc.’s Sheryl Sandberg, who advises women to strive for top jobs and resist assuming that family commitments must derail their careers. Still in her 30s, Rohrbeck would earn a $3.75 million bonus for that year, 2014. She heard it was the most of anyone in a similar role at Baupost, one of the largest and most successful hedge funds. Yet the next year, after almost a decade at the Boston fund, the Harvard ...