Citadel Hires First Chief Medical Officer to Boost Employee Wellness
Citadel is stepping up its approach to employee wellness by hiring David Stark, a former Morgan Stanley executive, as its inaugural Chief Medical Officer. Insiders report that this new position aims to enhance the performance of employees across both hedge funds and their associated market-making firms.
Stark, a neurologist who held a similar role at Morgan Stanley, is set to start in September. According to an internal memo, his responsibilities will focus on promoting innovative employee benefits and improving overall well-being, which in turn supports optimal performance among his colleagues.
Sjoerd Gehring, Citadel’s Chief Human Resources Officer, mentioned that Stark’s role is crucial for enhancing employee experience. This marks the first time Citadel has established an in-house healthcare position, although some offices do have on-site clinics operated by third-party providers. Stark won’t be delivering medical care directly but will revamp the company’s medical benefits, including personalized health plans and services aimed at employees.
This move aligns with a broader trend in the $5.7 trillion hedge fund industry. Several other firms have employed performance coaches, nutritionists, and personal trainers to support their staff. Citadel, for example, has previously employed a global director of cooking, making this new role somewhat unique in the industry.
This venture illustrates how Citadel is increasingly adopting characteristics typical of an investment bank, differentiating itself from smaller asset management firms. Traditional banks have long featured such roles, often requiring employees to work extensive hours at their desks.
Ken Griffin, the billionaire behind Citadel, has acknowledged the demanding work culture prevalent in many Wall Street firms, notably Goldman Sachs. He has recruited executives from these firms, including Jim Esposito, president of Citadel Securities. In a past speech, Griffin indicated that employees should not expect a standard 9-to-5 schedule.
Citadel’s approach to employee benefits isn’t entirely new. During the pandemic, Griffin arranged for hotels in Palm Beach to serve as a temporary trading location, ensuring employees could work comfortably. He has also hosted events at Disney World for Citadel staff and their families, and even summer internships began with trips to the Four Seasons.
Stark’s impressive credentials include training as a pediatric neurologist at Harvard Medical School and serving as medical director for Mount Sinai Health Systems prior to his tenure at Morgan Stanley.
Citadel views this hiring as a strategic move to bolster its position in the competition for top talent within the industry. The internal memo suggests that this initiative not only supports health and well-being but also positions Citadel as a premier workplace for high-performing individuals.
