Annaly Capital Management, Inc. Announces Increased Management Stock Ownership Commitments & Additions to Management Team & I...
July 10 2017 - 4:20PM
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.
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 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.
Forward-Looking Statements
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.
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