The recent dismissal of the CEO of Toronto-based BluMont Capital Inc. capped a tumultuous period for the hedge fund firm that saw significant changes to its executive ranks.

Toreigh Stuart, the firm’s CEO since 2000, was let go in early January by BluMont’s board, led by chairman Thomas Simpson. Simpson, who has been on BluMont’s board since last spring, replaced founding chairman David Currie on Dec. 23. Currie retired after five years in the position.

“The board decided the company is at a critical juncture in terms of its growth and needed a change of direction,” says Steve Kangas, who was promoted to president from managing director in early December.

Kangas, who is not on BluMont’s board, credits Stuart with building BluMont from “nothing into a company with $770 million in assets under management.” However, Kangas says, the board thought the firm needed to become more structured to enter its next growth phase. Stuart’s strengths, Kangas adds, were more entrepreneurial.

Until Stuart’s departure, it was understood that Kangas and Stuart would run the company’s day-to-day affairs. Now, Kangas will operate the company while Simpson handles “strategic issues” affecting the firm. The CEO position will not immediately be filled.

“It’s business as usual. There will be no other imminent departures,” Kangas says.

BluMont trades on the TSX Venture Exchange. It is 46.1% owned by Toronto-based Integrated Asset Management Corp. IE