Fortress Investment Group LLC (NYSE:FIG) announced several changes in management positions last week. According to the press release, current board member Daniel H. Mudd will be the new CEO of Fortress effective August 11, 2009.
Co-founder and current CEO Wesley R. Edens along with current President and director Peter L. Briger will become co-chairman of the board of directors. In regards to the management expansion, Mr. Edens commented that Fortress, a distressed and event driven investment manager, will have many exciting opportunities over the next several years to exercise their strengths and expertise in the current market but the firm will have to be focused on investments.
The addition of a skilled investment professional with operational and leadership skills such as Mr. Mudd will allow the firm’s principals to concentrate on leading their respective investment businesses and serve on the board of directors.
Mr. Mudd will handle Fortress’ day-to-day responsibilities and develop the firm’s global growth strategy in his new position while retaining his seat on the board. Mr. Mudd was most recently the President and CEO of Fannie Mae as well as Director, Vice Chairman, and COO before that. Prior to Fannie Mae, he was President and CEO, of GE Capital Japan.
For more information on this hedge fund, please see its “Detailed Investor Profile” below.
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