George Soros' chief investment officer Ted Burdick is stepping down just eight months after being promoted to the role, according to Bloomberg News.
Burdick will remain at Soros Fund Management, running a credit portfolio, Katherine Burton and Katia Porzecanski reported.
The fund is searching for Burdick's replacement and will most likely hire from an external firm, according to a person familiar with the matter who spoke with Business Insider.
Burdick's move marks the seventh time since 2000 that Soros has had to find a new CIO.
Soros, a billionaire philanthropist, turns 86 today.
Michael Vachon, a spokesman for Soros Fund Management, confirmed the details.
Burdick's predecessor Scott Bessent left last fall after four years in the role. He has since launched one of the biggest hedge funds of recent memory. Bessent replaced Keith Anderson.
Two ex-Soros portfolio managers who left after disagreeing with Burdick are also launching a new hedge fund, which will be backed by legendary investor Stan Druckenmiller, as Business Insider previously reported.
To read the full Bloomberg report, click here.
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