Tag Archives: Financial Leader

CONTRIBUTION OF RANDAL NARDONE TO FORTRESS INVESTMENT GROUP

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.

Wes Edens: Fortress Investment Group’s Co-Founder And Co-CEO

Wes Edens is one of the co-founders of the publicly-traded alternative investment company Fortress Investment Group LLC. A principal in the company, Edens has held a number of positions since helping to start the company in 1998. From it’s founding until 2013, he was CEO of the company. Beginning in 2017, Edens was co-CEO. Wes Edens has also been private equity head, president and chief investment officer. Since 2009, Edens has been co-chairman of Fortress Investment Group. Even to today he remains in charge of private equity as well as publicly traded alternative investment companies.  Since co-founding Fortress Investment Group, Wesley Edens has served as CEO and/or president of a number of companies.

They include Newcastle Investment Holdings LLC, Eurocastle Investment Ltd., Global Signal Inc., Capstead Mortgage Corp., Global Principal Finance Group and Impac Commercial Holdings, Inc. Prior to helping to create Fortress Investment Group, Wes Edens worked at Lehman Brother as a managing director and partner from 1987 until 1993. He then moved on to Blackrock Financial Management where he spent 4 years as a partner as well as managing director. Wes Edens was Union Bank of Switzerland’s managing director from May 1997 until he left to start Fortress in 1998. Wesley Edens has also been the chairman or director of a wide array of companies in a variety of industries since he co-founded Fortress Investment Group. Some of those companies are Drive Shack Inc., Fortress Credit Corporation, New Senior Investment Group Inc.

Mapeley Limited, Florida East Coast Holdings Corp., Gatehouse Media, LLC, Florida East Coast Railway Corp, New Media Investment Group Inc., Newcastle Investment Holdings LLC., Eurocastle Investment Ltd., Global Signal Inc., Capstead Mortgage Corp., Impac Commercial Holdings, Inc., Intrawest Resorts Holdings, Inc., OneMain Holdings, Inc., Springleaf Finance, Inc., Fortress Transportation and Infrastructure Investors LLC and many others.A graduate of Oregon State University, Wes Edens has a BS in business administration and finance which he has obviously put to good use. But, he also supports a variety of meaningful causes and organizations. Princeton University’s The Edens Family Fund for Climate Change research is one of them. Edens was also the advisory council of the Brown School of Public Health’s inaugural co-chair. He also endowed the Edens Professorship in Global Health at St. Paul, Minnesota-based Macalester College. A U.S. Ski and Snowboard Team Foundation supporter for many years, Wes Edens also owns the Milwaukee Bucks NBA franchise.

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