NEW YORK--(BUSINESS WIRE)--Annaly Capital Management, Inc. (NYSE:NLY) (“Annaly” or the “Company”) today announced increased management stock ownership commitments as well as senior hires across its investment groups and within its corporate infrastructure.
Increased Stock Ownership Commitment by CEO and Senior Management
Kevin Keyes, the Company’s Chief Executive Officer and President, has volunteered an increased commitment to own an aggregate $15 million of common stock of the Company within the next three years. Mr. Keyes’ current stock ownership position has been acquired entirely through purchases on the open market and he has pledged to meet his enhanced $15 million commitment solely through additional open market purchases within the next three years. This $15 million commitment exceeds Mr. Keyes’ $10 million stock ownership requirement, which was implemented pursuant to the expanded stock ownership guidelines previously announced in 2016.
In addition to Mr. Keyes, other members of senior management, including Chief Investment Officer David Finkelstein, Chief Credit Officer Timothy Coffey, Chief Financial Officer Glenn Votek and Chief Legal Officer Anthony Green, have also committed to voluntarily increase their stock ownership positions beyond the amounts required under the 2016 stock ownership guidelines. Like Mr. Keyes, these officers have agreed to achieve their increased stock ownership commitments solely through open market purchases of the Company’s common stock within the next three years. These increased stock ownership commitments by management, together with the 2016 stock ownership guidelines, which apply to more than 40% of employees, serve to enhance the alignment of interests between the Company’s officers and employees and Annaly’s other stockholders. As of June 30, 2017, all individuals subject to the Company’s stock ownership guidelines either met or, within the applicable period, are expected to meet such guidelines.
Additions to Management Team and Investment Groups
Annaly today announced the additions to the management and investment groups profiled below. Mr. Keyes commented: “We view these experienced professionals as a continued sign of our ongoing commitment to expand the breadth and depth of our diversified platform. These additions further enable us to drive the growth and performance of each of our four investment groups and continue to build our prominence as the most competitive diversified capital manager in the industry. In this challenging investment environment our people, coupled with the strength of our liquidity and investment optionality, are unique strategic advantages that have contributed to our leadership position in the industry.”
Souren Ouzounian has joined Annaly as Deputy Chief Financial Officer and Treasurer and a Managing Director, Finance Group. Souren joins the Company from Bank of America Merrill Lynch and Merrill Lynch & Co., where he was the Head of Americas Corporate Finance. Souren has a Master of Business Administration from the Sloan School of Management at MIT and a Bachelor of Arts from Columbia College.
V.S. Srinivasan (Srini) has joined Annaly as a Managing Director, Agency and Residential Credit Group. Srini joins the Company from KLS Diversified Asset Management (“KLS”), where he was a Portfolio Manager of Agency MBS and Derivatives. Prior to KLS, Srini held the position of Managing Director and Head of Structured Products Modeling at Barclays PLC with previous experience at J.P. Morgan/Bear Stearns and Co. as a mortgage/prepayment strategist. Srini has a Master of Science from Rutgers University and a Bachelor of Technology from the Indian Institute of Technology.
Thomas (Tom) Hobbis has joined Annaly as a Managing Director, Originations, Middle Market Lending Group. Tom joins the Company from CIT Group, Inc., where he was a Managing Director in the Sponsor Finance Group. Prior to CIT, Tom held similar positions at SunTrust Robinson Humphrey, ING Capital and ABN AMRO. Tom has a Master of Business Administration from Fordham University and a Bachelor of Arts from Gettysburg College.
Donald (Don) Choe has joined Annaly as Chief Technology Officer and a Managing Director, Information Technology Group. Don joins the Company from ZAIS Group, LLC, where he was Chief Technology Officer and Head of Analytics and a Managing Director. Don has also served in application development and systems positions at Barclays Capital PLC, Lehman Brothers, Inc., Merrill Lynch & Co., Morgan Stanley and Prudential Securities. Don has a Bachelor of Science from the University of Pennsylvania.
Jillian Detmer has joined Annaly as a Director, Middle Market Lending Group. Jillian joins the Company from GoldenTree Asset Management, where she was responsible for leading the Firm’s Consultant Relations effort in addition to holding various other positions within the Business Development group. Jillian has a Bachelor of Arts from Lafayette College.
James (Jim) D’Amore has joined Annaly as a Director, Head of Tax, Finance Group. Jim joins the Company from PricewaterhouseCoopers, where he was a Manager in the Metro Real Estate – Tax department. Jim has a Master of Business Administration, a Master of Science and a Bachelor of Science each from Fordham University.
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 to preserve capital through the prudent selection of investments and continued management of its portfolio. 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. Each of the individuals named in this release is employed by Annaly Management Company LLC and provides services to Annaly pursuant to the management agreement between Annaly and Annaly Management Company LLC. Additional information is available at www.annaly.com.
This news release and our public documents to which we refer contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which are beyond our control) and may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "anticipate," "continue," or similar terms or variations on those terms or the negative of those terms. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities and other securities for purchase; the availability of financing and, if available, the terms of any financings; changes in the market value of our assets; changes in business conditions and the general economy; our ability to grow our commercial business; our ability to grow our residential mortgage credit business; credit risks related to our investments in credit risk transfer securities, residential mortgage-backed securities and related residential mortgage credit assets, commercial real estate assets and corporate debt; risks related to investments in mortgage servicing rights and ownership of a servicer; our ability to consummate any contemplated investment opportunities; changes in government regulations affecting our business; our ability to maintain our qualification as a REIT for U.S. federal income tax purposes; and our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see "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.