Daniel H. Mudd, currently a member of the Fortress board of directors, will become the firm's chief executive officer, effective 11 August 2009. He will be responsible for Fortress's day-to-day operations and will be charged with developing the firm's global growth strategy, continuing to develop best in class policies and infrastructure, and developing and retaining the firm's talent. Mudd will also retain his seat on the board.

Peter L. Briger and Wesley R. Edens (pictured) will become co-chairmen of the Fortress board of directors. Each of the Fortress principals will continue to lead their respective investment businesses and serve on the board of directors. This expansion of the firm's management team will allow the principals to focus more of their time on managing existing investments as well as identifying and executing new investment opportunities. The principals of the firm will continue to own approximately 70 per cent of Fortress.

Edens says: "These are truly unprecedented investment markets that play directly into Fortress's strengths and expertise. We are energized by the investment opportunities we see emerging over the next several years. However, we recognise that these dynamic markets require the firm's principals to be single-mindedly focused on investments, both existing and new opportunities that will create value for our investors. The expansion of the team with a chief executive of Dan's calibre and skill set really rounds out the partnership."

Mudd is an experienced executive with leadership experience across a range of financial services businesses. Most recently, he served as president and chief executive of Fannie Mae. Prior to that, he served as director, vice chairman and chief operating officer. Previously, he served as president and chief executive of GE Capital Japan, president of GE Capital Asia-Pacific, vice president of business development, managing director of international financing and president and chief executive of European Fleet Services.