Whitebox Advisors is on the hunt for a new president, as current president and COO Jonathan Wood is leaving to focus on his charity work.
Wood, who has played an “indispensable role” at the Minneapolis-based hedge fund over the past 12 years, according to CEO Andy Redleaf, will devote himself full time to Charity Aware, an organization he and his wife founded in 2012 to encourage young Americans to do charitable work.
In a letter to investors, Redleaf said Wood's role will be split in two—the firm's general counsel Mark Strefling will become COO and Whitebox will conduct a search for a new president.
Redleaf said the successful candidate will be “someone of the highest integrity and strength of character; someone who has been a leader in our industry and won the trust of other leaders. The job calls for an experienced and successful investment professional, who can conduct Whitebox’s strategic relationships at the highest level. ”
Wood will remain as president until his replacement is found, sometime before the end of this year. He will also remain on the Whitebox board of directors and retain his economic interest in the firm.
Redleaf thanked Wood for his contribution to the firm and credited the departing president with seeing the firm through the financial crisis of 2008:
“In those days the very survival of the firm depended on Jonathan’s judgment and skill, his perseverance, determination and courage under fire," Redleaf wrote to investors.