In 2011, Fortress investment group appointed Randal Nardone as their interim chief executive officer after suspension of Dan Mudd. Mudd was sued by Securities and Exchange Commission for purportedly misleading the public and investors about mortgage loans when he was the Chief executive officer of Fannie Mae. Before his appointment, he had graced the list of “world’s billionaires” in Forbes magazine with an approximated net worth of $1.8 billion. He joined Fortress investment group in 1998 as one of its principle and co-founder. Due to diverse and extensive credit, management expertise, and extensive experience as a director and officer of public companies led to his appointment as a director of Fortress Investment Company.
Nardone became a billionaire in early 2007 after the IPO of the company as a part of “Fortress five”. Since November 2006, he has served as the investment firm as a board of directors member. However, he was appointed officially to head the firm in August 2013.His previous experience includes working as a BlackRock Financial Management principal, and a managing director of UBS before joining the Swiss banking firm.Randal Nardone is a co-founder, chief executive officer, director and principal at Fortress investment group. He is a principal and co-founder of FM Macro advisors. He also serves as secretary and vice president of Newcastle investment holdings. He also served as a member of executive and partner at the Thacher Proffitt law firm. Nardone studied and received an undergraduate degree in biology and English at the University of Connecticut. He obtained a J.D from the school of law, Boston University.
In December 2017, the SoftBank Group Corporation (SBG) announced that they had completed the acquisition of Fortress Investment Group at a fee of $3.3 billion. The completion followed the satisfaction of the conditions including the transaction approved by the Fortress shareholders and receipt of the necessary approvals.After the acquisition, each outstanding share of class A was converted on a ration of $8.08 per share. On the other side, the merger proceeds were to distribute according to the payment procedures that were outlined in the Fortress Definitive Proxy and the merger agreement. The financial statements of the two firms were consolidated on December 27, 2017, following the merger.The fortress was to operate under SoftBank although as an independent business which had its headquarters in New York. Fortress principals Wes Edens, Pete Briger and Randy Nardone, were to continue leading Fortress. SoftBank continues to be committed to maintaining business model, processes, leadership and culture that have fueled the success of Fortress up to date.