Christopher Smernoff to Become Chief
Financial Officer; JR Herlihy to Become Chief Operating
Officer
Ellington Residential Mortgage REIT (NYSE: EARN) (the "Company")
today announced that Lisa Mumford, the Company’s Chief Financial
Officer (“CFO”), is expected to retire from her position with the
Company on or about March 30, 2018. Upon Ms. Mumford’s retirement,
Christopher Smernoff, the Company’s Controller, will assume the
role of CFO, and JR Herlihy, the Company’s Treasurer, will become
Chief Operating Officer (“COO”).
Ms. Mumford has served as the Company’s CFO since April
2013. We expect, subject to the negotiation of a definitive
agreement, to enter into a Retirement Agreement with Ms. Mumford,
pursuant to which her deferred compensation will continue to vest
according to schedule and she will make herself available to
provide reasonable assistance to the Company during such vesting
period.
“Lisa has been an integral part of EARN since before its IPO,
and her superior talent, work ethic, and leadership have
contributed greatly to the Company’s success,” said Laurence Penn,
Chief Executive Officer of the Company. “Chris has been Lisa’s
second-in-command for many years, and will make an excellent CFO.
He has been EARN’s Controller since before its IPO, and we expect
that his technical skills and deep institutional knowledge will
provide for a seamless transition. Additionally, JR’s experience as
Treasurer of EARN, his tenure as Co-Chief Investment Officer of
Ellington Housing Inc., and his considerable investment expertise
in the real estate industry will serve him well as COO. We have a
deep bench at Ellington, and EARN is fortunate to be able to tap
Chris and JR for these important positions.”
Ms. Mumford added, “I am very proud of what we have accomplished
during my tenure. Having worked closely with Chris and JR, I can
say with confidence that the Company’s finance and accounting
functions will be in excellent hands.”
Mr. Penn concluded, “We are very pleased that Lisa will assist
with a transition of the CFO role to Chris, and will continue to
make herself available to the EARN team, allowing us to continue to
tap into her expertise, judgment, and knowledge of the Company. We
thank Lisa for her dedication and wish her the very best in the
years ahead.”
Mr. Smernoff, 41, joined Ellington Management Group L.L.C.
(“Ellington”) in January 2007 and has been the Company’s Controller
since April 2013. As the Company’s Controller, Mr. Smernoff is
responsible for managing all aspects of the finance and accounting
operations of the Company. In addition, Mr. Smernoff has served
since February 2010 as the Controller of Ellington’s other public
company affiliate, Ellington Financial LLC (NYSE: EFC). From
January 2007 through February 2010, Mr. Smernoff was an Assistant
Controller for various private entities managed by Ellington. Prior
to January 2007, Mr. Smernoff was employed as a manager in the
assurance practice of PricewaterhouseCoopers LLP, where he was
primarily focused on providing audit and accounting services to a
variety of clients in the investment management industry. Mr.
Smernoff is a member of the American Institute of Certified Public
Accountants and holds a B.S. in Accounting and Finance from Boston
College.
Mr. Herlihy, 36, joined Ellington in April 2011 and has been the
Company’s Treasurer since May 2017. In addition, Mr. Herlihy has
been the Treasurer of Ellington Financial LLC (NYSE: EFC) since May
2017. Mr. Herlihy is also a Director at Ellington, where he has
served in various capacities, including serving as Co-Chief
Investment Officer of the Company’s former affiliate, Ellington
Housing Inc. (“EHR”), a real estate investment trust that was
focused on single- and multi-family residential real estate assets,
from EHR’s inception in September 2012 through December 2016. Mr.
Herlihy also served as EHR’s Interim Chief Financial Officer from
March 2015 through January 2016. Prior to April 2011, Mr. Herlihy
held various positions in the real estate industry, including at
the real estate private equity firm GTIS Partners LP, Capmark
Financial Group (formerly GMAC Commercial Mortgage), and Jones Lang
LaSalle. Mr. Herlihy earned a B.A. in Economics and History
from Dartmouth College, summa cum laude and Phi Beta
Kappa.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are not
historical in nature and can be identified by words such as
"anticipate," "estimate," "will," "should," "may," "expect,"
"project," "believe," "intend," "seek," "plan" and similar
expressions or their negative forms, or by references to strategy,
plans, or intentions. For example, our results can fluctuate from
month to month and quarter to quarter depending on a variety of
factors, some of which are beyond our control and/or difficult to
predict, including, without limitation, changes in interest rates,
changes in default rates and prepayment speeds, and other changes
in market and economic conditions. Our actual results may differ
from our beliefs, expectations, estimates, and projections and,
consequently, you should not rely on these forward-looking
statements as predictions of future events. Furthermore,
forward-looking statements are subject to risks and uncertainties,
including, among other things, those described under Item 1A to the
Company's Annual Report on Form 10-K filed on March 13, 2017, which
can be accessed through the link to our SEC filings under "For Our
Shareholders" on our website (www.earnreit.com) or at the SEC's
website (www.sec.gov). Other risks, uncertainties, and factors that
could cause actual results to differ materially from those
projected may be described from time to time in reports we file
with the SEC, including reports on Forms 10-Q, 10-K and 8-K. We
undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
About Ellington Residential Mortgage REIT
Ellington Residential Mortgage REIT is a mortgage real estate
investment trust that specializes in acquiring, investing in and
managing residential mortgage- and real estate-related assets, with
a primary focus on residential mortgage-backed securities for which
the principal and interest payments are guaranteed by a U.S.
government agency or a U.S. government-sponsored enterprise.
Ellington Residential Mortgage REIT is externally managed and
advised by Ellington Residential Mortgage Management LLC, an
affiliate of Ellington Management Group, L.L.C.
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version on businesswire.com: http://www.businesswire.com/news/home/20171214006033/en/
Investor Contact: Maria Cozine, Vice President of Investor
Relations,Ellington Residential Mortgage REIT, (203) 409-3773 or
info@earnreit.comorMedia Contact: Amanda Klein or Kevin
FitzGerald,Gasthalter & Co., for Ellington Residential Mortgage
REIT, (212) 257-4170 or Ellington@gasthalter.com
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