Jonathan Wood, president and chief operating officer of hedge fund manager Whitebox Advisors, will leave the firm within the next three to six months.
Whitebox, which has $2.2 billion under management, has begun a search for a new president, confirmed Amara Kaiyalethe, a company spokeswoman in an e-mail.
Mr. Wood will leave to launch a non-profit, Charity Aware, in Woodbury, Minn., to encourage teen volunteerism, he said during an interview.
Mr. Wood's dual roles are being split, said Andrew Redleaf, CEO, in a client letter obtained by Pensions & Investments.
Mark Strefling, Whitebox's general counsel, has assumed some administrative duties from Mr. Wood over the past few years and has been named COO, Mr. Redleaf wrote.
Mr. Wood will remain president at Whitebox until his successor is found, Mr. Redleaf said. Mr. Wood will remain on the firm's board of directors and will retain an economic stake.
