DEC 24, 2012 1:53pm ET

Fortress Principal and Co-Founder to Retire

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Fortress Investment Group on Monday said principal and director Robert Kauffman is retiring from the company, effective immediately.

In conjunction with his retirement, the company will redeem or purchase all of his beneficially owned shares. These consisted of about 51.3 million Class A shares as of Dec. 21. The company will repurchase these shares at a price equivalent to $3.50 per share, immediately reducing its dividend-playing share count by approximately 10%. Fortress said it would fund the repurchase with a combination of cash and a 14-month note.

Kauffman co-founded the company with co-chair and director Wes Edens and interim CEO and director Randal Nandone. He held a range of leadership roles at the company, most recently overseeing at board level its long-only fixed-income business, Logan Circle Partners.

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