Saturday, 21st November 2009

 

20 July 2009 - Press Briefing

Ex-Fannie head to replace Edens as Fortress chief executive

Fortress Investment Group is likely to appoint Daniel Mudd, former chief executive of Fannie Mae, as CEO, sources said, according to a report in The Wall Street Journal.

Mudd, who is on the company's board, would replace Wesley Edens, Fortress's co-founder and largest shareholder. The move would relieve Edens and his leading executives of some management responsibilities, enabling them to concentrate on the firm's weakened portfolios and future investments.

The surprise move comes as Fortress, which has nearly $27bn (€19.1bn) in client assets, attempts to bolster its portfolios after a drubbing from the recession. Since its initial public offering in February 2007, Fortress' shares have plunged 90%, the WSJ report said.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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