Paul Allen's Vulcan Capital loses president after 7 months |
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Paul Allen's Vulcan Capital loses president after 7 months
Chris Temple
The head of Paul Allen's multi-billion dollar investment arm, Vulcan Capital, has stepped down just seven months after taking on the role of president, TechFlash has learned.
Chris Temple, who originally joined Vulcan last year and then was appointed president in May, recently left the Seattle investment firm. Vulcan spokesman David Postman declined to offer an explanation for Temple's departure, though he did offer this statement.
"Vulcan Capital confirmed today that by mutual agreement President Chris Temple has left the firm. Vulcan Capital is conducting a search for a new leadership position at the investment firm and will continue to actively manage Mr. Allen’s portfolio while the search is underway. Mr. Temple will continue to serve as a Vulcan designee on the boards of Charter Communications and Plains All American."
It has been a tough year for Allen, who has struggled with the bankruptcy of cable giant Charter Communications, the asset sale of Digeo and the lackluster performance of the Seattle Seahawks. Making matters worse, the software billionaire announced last month that he had been diagnosed with non-Hodgkin's Lymphoma.
Vulcan too has struggled, with layoffs earlier this year. In a Q&A with TechFlash last May, Temple seemed excited about his new position. He called the gig a "super dynamic and challenging job."
Paul Allen
"It is a new challenge, and it has a several different dimensions to it, different asset classes and different life cycles. (Outgoing president) Lance Conn was a personal friend of mine and he recruited me to the firm and I enjoyed working for him, and I've enjoyed working for Paul and (Vulcan CEO) Jody (Allen)."
Prior to joining Vulcan, Temple worked at the New York private equity firm of Tailwind Capital. Before that, he worked at Friend Skoler & Company and Thayer Capital Partners.
Allen -- who co-founded Microsoft with Bill Gates in 1975 -- has an estimated net worth of $10.5 billion, according to Forbes. That's down about 36 percent in the past 12 months, according to Forbes.
John Cook is co-founder of TechFlash. Follow on Twitter @johnhcook.
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