The New York-based alternative asset management firm ""Fortress Investment Group LLC"":http://www.fortress.com announced over the weekend that Daniel H. Mudd, Fannie Mae’s former chief, will take the helm at Fortress as the company’s new CEO.
Mudd is currently a member of the Fortress board of directors, a position he will retain. His role as CEO will become effective August 11.
Mudd was dismissed from his rank as president and CEO of Fannie Mae last September when the government seized control of the mortgage giant, after having held the position for three years. He faced much criticism for allowing the GSE’s business to deteriorate to the point that government officials decided it had ""failed to fulfill its mission of providing soundness and stability to the nation's housing market.""
He also served as Fannie’s director, vice chairman, and COO prior to his appointment as CEO. Before that, he was president and CEO of GE Capital Japan, president of GE Capital Asia-Pacific, president and CEO of European Fleet Services, and held positions in financial services and management consulting at the World Bank, Ayers Whitmore and Company, and Xerox Corporation.
Wesley R. Edens, co-chariman of Fortress’ board, said in a corporate statement, ""We have known Dan since 1997 when he was at GE, and have had worked closely with him as a valued member of our board. Dan is a seasoned investment professional with deep operational and leadership skills and we are excited to have him join our firm.""
As part of the company’s management reorganization, Fortress named Edens and Peter L. Briger co-chairmen of its board of directors. The company said each of its five principals - which include Edens and Briger, as well as Robert Kauffman, Randal Nardone, and Michael Novogratz - will continue to lead their respective businesses and focus on managing investment opportunities, and will serve on the board of directors. The principals of the firm own approximately 70 percent of Fortress.
Commenting on his new role, Mudd said, ""I have known the principals for a long time, have worked with them as a partner and a board member, and I have great respect for what they have done to build Fortress thus far. I look forward to helping the team manage and grow this institution.""