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Fortress CEO Daniel Mudd Resigns In Wake Of SEC Action

Thursday, January 26, 2012

Daniel Mudd Bailey McCann, Opalesque New York: Daniel Mudd has resigned as Fortress Investment Group CEO. He also resigned from the firm's board of directors. His resignation follows a leave of absence that he took after being sued by the SEC over his role as CEO Of Fannie Mae from 2005 to 2008.

Mudd said in a statement that he did not want the uncertainty surrounding his leave of absence to impact the business and thus decided to resign. The SEC claims that Mudd failed to accurately disclose risks the firm was taking in the subprime-loan market - a claim which Mudd denies. The SEC is seeking injunctions barring him from serving as an officer or director of a public company.

Randal Nardone, one of Fortress' co-founders will remain interim CEO. Firm principals said in a statement released earlier today that they "regret losing Dan." The company has already started the search for a new CEO.

Fortress Investment Group

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