The board of Fortress Investment Group LLC has named a replacement for board member and veteran mortgage-backed securities trader Howard Rubin. The company — headed by former Fannie Mae CEO Daniel Mudd — also said it would not pay a fourth-quarter dividend in order to preserve capital.
Fortress identified Rubin's replacement as David Barry, but offered no biographical information on the director who will resume the post January 1.
The company said Barry would be an independent director under the listing standards of the New York Stock Exchange and will serve on its audit committee, corporate governance, and conflicts committees.
When asked by this publication for more information about Barry's professional background, the company indicated it typically does not release such information about new appointees until they officially join the board.
The publicly traded Fortress is an investment manager whose assets include bonds, including mortgage-backed instruments, and equities.
