Reuters reports that Tom Steyer, the founder of San Francisco-based Farallon Capital Management, plans to step down by the end of the year, according to an internal letter. Andrew Spokes will take over once Steyer steps down.
Steyer, 55, who was once called “California’s hedge fund king,” wants to focus more on giving back, the report said.
He’s already a big philanthropist focusing much of his charity work on the environment. He has also signed Bill Gates’ and Warren Buffett’s “Giving Pledge.” He even spoke at the Democratic National Convention this year.
According to Forbes, Steyer has an estimated net-worth of $1.3 billion.