Kevin Keyes to Depart as Chairman, CEO and President of Annaly
November 21 2019 - 5:30AM
Business Wire
Glenn Votek Named Interim CEO and President;
Elected to Board of Directors
Thomas Hamilton Named Chair of the Board
Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the
“Company”) announced today the departure of Kevin Keyes from his
roles as Chairman, Chief Executive Officer (“CEO”) and President of
the Company and member of the Board of Directors (the “Board”). The
Board and Mr. Keyes have mutually agreed that his departure will be
effective today.
Mr. Keyes is retiring from the Company’s external manager,
Annaly Management Company LLC (the “Manager”) and its affiliates;
he will be available for consultation to ensure a smooth
transition.
Mr. Keyes stated, “It has been a pleasure being a part of the
Annaly team, and I depart knowing that the Company is well
positioned for the future.”
The Board has named Glenn Votek to serve as CEO and President on
an interim basis. Mr. Votek has been elected to the Board and will
also continue to serve as Chief Financial Officer. The Board has
formed a search committee and has commenced a search for a
permanent CEO, including both internal and external candidates.
Mr. Votek has been instrumental in the development and execution
of Annaly’s strategy, operations and oversight of the financial and
technology functions. Mr. Votek, who joined Annaly in 2013, is a
well-known industry veteran with more than 30 years of experience
in financial services. Prior to his role as CFO at Annaly, he
served as Executive Vice President and Treasurer at CIT Group since
1999 and also President of Consumer Finance since 2012.
As part of the Company’s ongoing efforts to strengthen its
corporate governance, the Board has separated the roles of Chair
and CEO and named Independent Director Thomas Hamilton to serve as
Chair of the Board. Mr. Hamilton, former Global Head of Securitized
Product Trading and Banking and Head of Municipal Trading and
Banking at Barclays Capital, has spent 24 years in leadership
positions in the financial industry and has significant experience
and expertise across fixed income markets.
Jonathan Green, formerly Lead Independent Director, and
Wellington Denahan, co-founder of Annaly, who have both served on
the Board since Annaly’s inception in 1996, have been appointed
Vice Chairs of the Board.
Mr. Green said, “On behalf of my fellow directors, we express
our full faith in the capabilities of the ongoing leadership team,
the strategic direction and the long-term opportunity for the
Company, and we thank Kevin for his service. We remain focused on
supporting the team in their relentless efforts to drive
shareholder value.”
Mr. Votek said, “As Annaly has grown, diversified and
institutionalized, we have built a deep bench of talent that has
been critical to the development and execution of our strategy. The
Management team remains as confident as ever in the Company’s
direction and prospects.”
The Company today filed a Form 8-K with the SEC.
About Annaly
Annaly is a leading diversified capital manager that invests in
and finances residential and commercial assets. Annaly’s principal
business objective is to generate net income for distribution to
its stockholders and optimize its returns through prudent
management of its diversified investment strategies. Annaly has
elected to be taxed as a real estate investment trust, or REIT, for
federal income tax purposes. Annaly is externally managed by Annaly
Management Company LLC. Additional information on the Company can
be found at www.annaly.com.
Forward-Looking Statements
This news release contains certain forward-looking statements,
which reflect management's expectations regarding future events and
operating performance and speak only as of the date hereof. These
forward-looking statements involve a number of risks and
uncertainties. The factors that could cause actual results to
differ from those contained in the forward-looking statements are
detailed in the section titled "Risk Factors" in our most recent
Annual Report on Form 10-K and any subsequent Quarterly Reports on
Form 10-Q. We do not undertake, and specifically disclaim any
obligation, to publicly release the result of any revisions which
may be made to any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances
after the date of such statements, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20191121005290/en/
Annaly Capital Management, Inc. Investor Relations 1-888-8Annaly
investor@annaly.com
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