Mudd, the son of former CBS Evening News television reporter Roger Mudd, joined Fannie Mae in 2000, serving as chief operating officer before being named CEO four years later. Prior to Fannie Mae, the Washington, D.C., native led GE Capital as its CEO and previously worked at Xerox Corp. and the World Bank.
He joined Fortress in July 2009, 10 months after the government ousted him from Fannie Mae, replacing Wesley Edens, the firm's co-founder and current co-chairman.
Fortress, founded as a private-equity firm in 1998, was the first alternative-asset manager to offer shares to the public when it raised $634 million in its February 2007 IPO. The firm oversaw $43.6 billion in assets as of Sept. 30.