Two Sigma’s Feuding Founders Step Down, New CEOs Taking Over (2)

The billionaire founders of Two Sigma Investments — John Overdeck and David Siegel — are stepping down from day-to-day management after feuding for years and handing control to two new co-chief executive officers.

They will remain co-chairmen and advise the $60 billion firm on quant investing and technology, and their equity stakes will remain unchanged, according to a letter to investors Wednesday that was seen by Bloomberg. Chief Business Officer Carter Lyons, a 13-year-veteran of the firm, and former Lazard general counsel Scott Hoffman will take over as co-CEOs on Sept. 30.

The relationship between Overdeck and Siegel had ...