Fortress Appoints David Barry to Its Board of Directors and Elects to Retain Capital
Company Release - 12/16/2010 6:45 PM EST
NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE: FIG) announced today that its Board of Directors (“Board”) has appointed Mr. David Barry as a member of the Company’s Board, effective January 1, 2011. Mr. Barry will serve as a Class I director. The Board determined that Mr. Barry is an “independent director” under the listing standards of the New York Stock Exchange. The Board has also appointed Mr. Barry to the Board’s Audit Committee and Nominating, Corporate Governance and Conflicts Committee.
Under the Company’s non-employee director compensation arrangements, upon joining the Board, Mr. Barry will be entitled to receive the standard compensation that the Company provides to its non-employee directors for their service on the Board and related committees, which compensation is described in our proxy statement filed with the SEC on April 30, 2010.
Mr. Barry will replace Howard Rubin, who will resign from the Board, as well as the Audit Committee and the Compensation Committee, effective as of January 1, 2011.
The Board of Directors has also elected not to pay a dividend in the fourth quarter of 2010. The Board elected to retain capital for potential future investment opportunities and for working capital purposes.
Fortress is a leading global investment manager with approximately $44.0 billion in assets under management as of September 30, 2010. Fortress offers alternative and traditional investment products and was founded in 1998. For more information regarding Fortress Investment Group LLC or to be added to our e-mail distribution list, please visit www.fortress.com.
Source: Fortress Investment Group LLCContact:
Fortress Investment Group LLC
Gordon E. Runté, 212-798-6082