Randal Nardone Remains at Fortress in Crucial Role

It was more than seven years ago, on December 21, 2011, that the Fortress Investment Group appointed Mr. Randal Nardone as the firm’s interim, or temporary, chief executive officer. such appointment was necessary following the exit of Mr. Daniel Mudd as the firm’s CEO, a position Mr. Mudd held for approximately 2 1/2 years. Mr. Mudd voluntary vacated the CEO position due to a lawsuit he initiated that required him to relinquish such position. Mr. Randal Nardone has been with the Fortress Investment Group since its inception in the year of 1998. Mr. Randal Nardone’s academic achievements include two B.A. degrees, one in the subject of Biology and the other in the subject of English. Mr. Randal Nardone obtained these degrees from the University of Connecticut.

In the very latter part of 2017, the SoftBank Group of Japan acquired Fortress for the amount of $3.3 billion. However, Mr. Randal Nardone and the firm’s two other principals continues to run the day-to-day operations at the Fortress Investment Group in compliance with the terms permitting the acquisition to take place. Since Donald Trump was elected as the President of the United States the rules governing the acquisition of companies by foreign companies have changed dramatically. Strict restrictions are now placed on all foreign companies such that their ability to acquire any American company severely impaired. Even when foreign companies are permitted to acquire an American company, they must relinquish control thereof. The SoftBank Group had to obtain the approval of the Committee on Foreign Investment in the United States before it could acquire the Fortress Investment Group, which would only approve of the transaction on the condition that the SoftBank Group unconditionally agree not to control the firm’s business operations and allow Fortress executives to remain and manage the firm as if the acquisition never took place.

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