Capstead Mortgage Corporation and Fortress Investment Group LLC Announce Management Changes at Capstead.Business Editors DALLAS--(BUSINESS WIRE)--July 22, 2003 Capstead Mortgage Corporation (NYSE NYSE See: New York Stock Exchange :CMO CMO See: Collateralized mortgage obligation CMO See collateralized mortgage obligation (CMO). ) and Fortress Investment Group Fortress Investment Group (NYSE: FIG) is a New York, NY-based asset management firm which manages private equity, hedge funds and real estate and railroad-related investments, with announced plans to move into casinos and horse racing. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Fortress") today announced that Wesley R. Edens has tendered his resignation as Chairman, Chief Executive Officer, President and director of Capstead. Robert I Robert I, duke of Normandy Robert I (Robert the Magnificent), d. 1035, duke of Normandy (1027–35); father of William the Conqueror. He is often identified with the legendary Robert the Devil. . Kauffman, a partner of Mr. Edens at Fortress and a director of Capstead since December 1999, has also resigned. Paul M. Low, one of Capstead's founders and a long-time member of the Board of Directors, has succeeded Mr. Edens as Chairman. Andrew F. Jacobs, formerly Executive Vice President and Chief Financial Officer, has been promoted to Chief Executive Officer and President and has been elected to serve on the Board of Directors. Phillip A. Reinsch, Senior Vice President - Control, has been promoted to Chief Financial Officer. Mr. Edens, who heads up Fortress's $2.1 billion private equity investment business, led an investment in Capstead on behalf of Fortress Investment Fund LLC and assumed management of the Company in April 2000. At its peak, Fortress owned approximately 34% of the Company and was Capstead's largest stockholder. Commenting on his departure, Mr. Edens said, "My experience working with Capstead's Board and management has been tremendous from both a business and a personal perspective. The phenomenal results we have achieved for stockholders over the past three-plus years are especially satisfying in contrast to the turbulence turbulence, state of violent or agitated behavior in a fluid. Turbulent behavior is characteristic of systems of large numbers of particles, and its unpredictability and randomness has long thwarted attempts to fully understand it, even with such powerful tools as experienced within the broader equity markets. In recent months, Fortress has sold most of its investment in the Company, and so I believe it is an appropriate time for me to step down as Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . I leave Capstead in the capable hands of existing management and the Board of Directors." Mr. Jacobs, Capstead's Chief Executive Officer and President, stated, "It has been a pleasure working with Wes Edens and his organization. We would like to acknowledge and thank Wes for his contributions to the Company over the past three years." Capstead Mortgage Corporation is a real estate investment trust which earns income from investing in real estate-related assets and other investment strategies. Fortress Investment Group LLC is a $3.8 billion global alternative investment and management firm specializing in asset-based investing. |
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