Touradji Parts Ways With CEO After Just Six Months

Jul 11 2012 | 1:11pm ET

It seems the CEO Paul Touradji hired six months ago wasn't quite as "world-class" as he imagined.

Touradji Capital Management has parted ways with Peter Borish, who was named CEO of the commodities hedge fund in January. A spokesman for New York-based Touradji explained to Bloomberg News that Borish "was originally on a six-month contract and had a CEO role focused on marketing."

Touradji broke the news to clients in a June 28 letter. He said that the firm had decided to focus on building the business rather than on marketing.

"We appreciate the ability to keeping our focus unwavering and clear," he wrote. "So we will not be picking up Peter Borish's contract for the second half of the season, and he will become a free agent again."

Borish, a former head of research at Tudor Investment Corp., is the fifth top executive to leave Touradji in the last 18 months. His hire followed the exit in September of CFO Tom Dwan and President Sang Lee. At that time, Touradji pledged to hire a "world-class" management team to allow him to focus on managing money.

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