After one of the most challenging years in the hedge-fund giant’s history, Bridgewater Associates is “reshuffling” its management team, according to a recent article in The Wall Street Journal.

The article reports several changes including the departure of top executive Brian Kreiter and the promotion of Nir Bar Dea (formerly co-head of the company’s “investment engine”) to deputy chief executive officer under Chief Executive David McCormick.

Bridgewater is also reportedly creating an investment committee “to broaden the decision making” beyond founder Ray Dalio and co-chief investment officers Bob Prince and Greg Jensen.

A spokesman from the firm recently said that while most of Bridgewater’s funds made money last year, the performance of its flagship fund, Pure Alpha (which ended the year down 7.6%—its worst annual loss ever) is a barometer of the firm’s overall financial health.

In addition to the leadership shifts, Bridgewater also made substantial workforce cuts beginning last July which will result in a staff reduction of 200 employees by the end of this September, “with additional cuts coming later in the year.”

The announcements were made in an email to employees from McCormick in which he wrote that the new management structure would “enable us to best serve our clients and community, and fully harness the power of our next generation leaders.”