Microsoft (NSDQ: MSFT) co-founder Paul Allen owns a seemingly endless portfolio of assets—from three professional sports teams, vast real estate holdings, to even wireless spectrum in Seattle and Portland. Allen’s private investment company, Vulcan Capital, oversees many of his investments for him and yesterday, the Seattle-based firm announced Chris Temple will replace Lance Conn as president.

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Temple was only named vice president of the firm in September 2008, and has quickly moved up the ranks. He is alson on Vulcan Inc.‘s executive committee. Conn, president since 2004, will remain on the board of many of the firm’s portfolio companies, according to the release. As for the reasons, in a statement, Allen mentioned Conn’s desire to relocate with his family.

The six-year-old Vulcan Capital has investments in a number of valuable media and entertainment assets, including Charter Communications (NSDQ: CHTR), Dreamworks, The Oxygen Network, and Digeo.