Fortress Investment Group ( FIG) is expected to name Daniel Mudd, former chief of Fannie Mae ( FNM), to be its CEO, according to a published media report. Mudd would succeed Wesley Edens, Fortress' co-founder, according to the report, published Saturday on The Wall Street Journal's Web site. The report cited an anonymous person familiar with the matter.
Mudd is already on the board of the private-equity firm. His appointment to the CEO position would relieve Edens of some management duties and allow Edens to concentrate on the company's portfolios, according to the report. Mudd was forced out as the chief of Fannie Mae when the government took over the company last September, the report noted. Shares of Fortress closed Friday down 13 cents at $3.25, significantly below their $13.85 52-week high.