Thacher Profitt


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Thacher Profitt

Thacher Profitt

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Publicly traded investment management firm Fortress Investment Group said in a statement this morning its chief executive officer Dan Mudd will take a leave of absence. 

Mudd is currently being sued by the Securities and Exchange Commission for allegedly misleading investors and the public about risky mortgage loans during his tenure as CEO of Fannie Mae. 

He's also being investigated by the FBI along with other former Fannie and Freddie execs, according to The Daily's Josh Bernstein and Andrew Strickler.

For the time being, Fortress Investment Group, which has approximately $43.6 billion AUM, has named Randal Nardone as the Interim CEO effective immediately.

Nardone, 55, who graced Forbes' magazine's "World's Billionaires" list in 2007 with an approximate net worth of $1.8 billion, joined Fortress in 1998 as the firm's co-founder and principal.

He became a billionaire after the company's IPO in early 2007 as part of the "Fortress Five", but has since fallen from the billionaire's club.

In addition, he has served as a member of the board of directors at the investment firm since November 2006.

Nardone's previous experience includes working as a managing director of UBS.   Prior to joining the Swiss banking giant, Nardone worked as a principal of BlackRock Financial Management.  Before that, he was a partner and member of the executive committee at the law firm of Thacher Proffitt & Wood.

Nardone earned his undergraduate degree in science from the University of Connecticut.  He also holds a J.D. from Boston University School of Law. 

Following the announcement that Mudd will temporarily relinquish his duties as CEO, Fortress's stock-price fell more than 5% in pre-market trading.  It opened down more than 3%.

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