Whitebox Advisors president and chief operating officer Jonathan Wood is stepping down from his roles to focus on charitable work.
In a letter to investors obtained by eVestment, Minneapolis-based Whitebox CEO Andrew Redleaf explained that Wood will spend full-time building Charity Aware, an organization he started two years ago that aims to encourage young adults develop a passion for helping others.
Redleaf also said in the letter that Wood, who has worked at Whitebox for over a decade, will retain his “economic interest” in the firm and remain on its Board of Directors.
Mark Strefling, the firm’s general counsel, has replaced Wood as chief operation officer. However, Wood will continue his role as president until Whitebox finds a replacement.
Whitebox manages about $2.3 billion in assets.