Third Avenue dumps CEO Barse amid turmoil

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.