Highbridge Capital Management executive Glenn Dubin is stepping down as CEO but will remain chairman of the firm worth around US$30 billion, according to Dubin himself. Glenn Dubin, 56 years old,  co-founded Highbridge Capital Management LLC with a close associate about 20 years ago. Dubin sold a stake in Highbridge to J.P. Morgan Chase & Co. in 2004, and the bank boughtout the company five years after. Now, one of the largest investment firms on Wall Street is losing its only chief executive since its creation.

Scott Kapnick, whom Dubin brought from Goldman Sachs to start Highbridge's private-equity line of business, will succeed Dubin as CEO. The announcement follows an average performance from the firm's flagship fund. Mr. Dubin, however, said his decision to step down was grounded in his longstanding intent to have his company outlast him.

"In no way am I leaving the firm, and in no way am I retiring or semiretiring," Dubin asserted. "My day job has teeth....I'm going to go to the office every day, I've got a big bulk of my personal capital invested in Highbridge funds."