The co-founder of Highbridge Capital Management, LLC, Glenn Dubin, announced that he is stepping down as CEO of the company and that he will be handing over the reins to Scott Kapnick. Dubin, however, will still be the chairman of company.

"After more than 20 years at the helm, I have decided that it is time to step away from my day-to-day activities," he said. He quickly added though that he will still offer his advice to maintain the upward trajectory of the company.

New CEO Scott Kapnick was formerly the head of HighBridge Principal Strategies, who managed to grow its assets to more than US $14 billion. He also held a stellar career in Goldman and Sachs for 21 years prior to joining HighBridge.

As he thanked Dubin's confidence in his ability to lead the company going forward, Kapnick said he will focus on expanding HighBridge's interests in hedge funds, new credit platforms and private equity investments.