Rydex Funds has named a new CEO to fill in for founder A.P. "Skip" Viragh. The move is being made to allow Viragh, 62, to continue treatment for cancer. Taking over for the firm's founder is Carl Verboncoeur.

Viragh will retain a say in the company as its chairman and a member of the firm's board of directors.

Until taking the CEO job last week Verboncoeur had been president of Rydex Fund Services. Also taking a promotion to chief operations officer is Mike Byrum. He will retain his title as chief investment officer and president of Rydex Capital Partners. 

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