CEO Randal Nardone Continues to Lead the Fortress Investment Group
The Fortress Investment Group named Randal Nardone the firm’s interim Chief Executive Officer on December 21, 2011. This appointment was needed following Daniel Mudd’s decision to vacate the CEO position after holding the position for only two and a half years. Mr. Mudd’s decision was dictated by personal matters that demanded all of his present attention. Randal Nardone is a co-founder of the Fortress Investment Group LLC, along with Rob Kauffman and Wes Edens.
The threesome founded the Fortress Investment Group LLC in 1998 and became the three Principals of the firm. In the beginning, the Fortress Investment Group was merely a private equity firm but broadened to include other investment products, such as hedge funds, debt securities, real estate investments, among many other types of alternative assets.
Before co-founding the Fortress Investment Group with Rob Kauffman and Wes Edens, Mr. Nardone was gainfully employed as a managing director at UBS from May of 1997 to May of 1998. Prior to joining UBS, Randal Nardone served as a Principal for BlackRock Financial Management, Inc. Before entering the financial arena, Mr. Nardone was a successful practicing lawyer and partner at the law firm of Thacher Proffitt & Wood. Randal Nardone acquired his Juris Doctorate degree from the Boston University School of Law. He also holds two Bachelor of Art degrees, one in Biology and another in English from the University of Connecticut and more
In December of 2017, the SoftBank Group, a Japanese tech-to-telecoms group, acquired the Fortress Investment Group for $3.3 billion. In spite of this fact, Randal Nardone continues to serve as the Chief Executive Officer for the Fortress Investment Group. The reason that this is so because the Trump administration has place strict restrictions on the ability of foreign corporations to both acquire and run American companies. For the SoftBank Group to even acquire the Fortress Investment Group, it must first receive the approval of the CFIUS, which would only approve the acquisition if the SoftBank Group agreed to renounce the day-to-day control over the Fortress Investment Group’s business operations. The Fortress Investment Group’s expertise in the alternative asset investment industry was so desired by the SoftBank Group that it assented to CFIUS’s mandate.