Embattled investment firm Third Avenue Management has ditched CEO David Barse, the company confirmed on Monday.
The investment firm said the company will now by a management committee, including President and CIO David Resnick, CFO and COO Vincent Dugan.
Third Avenue founder, Martin Whitman, said in a statement, "Third Avenue has been committed to finding the best ways to deliver value for shareholders for nearly thirty years. Today's announcement is a step that enables Third Avenue to return to its roots, with broad-based leadership by the senior investment team."
Late last week, Third Avenue prevented investors from withdrawing funds from its high yield bond fund, a move that sent shockwaves through the market. Third Avenue intends to shutter its $789 million Focused Credit Fund.
Barse is a 24-year veteran of the firm, and is also a shareholder. Barse's ouster had originally been reported by The Wall Street Journal.