Anworth’s Board Names Joseph E. McAdams as CEO Effective September 30, 2018
June 15 2018 - 4:10PM
Business Wire
Lloyd McAdams Will Remain as Chairman of the
Board
Anworth Mortgage Asset Corporation (NYSE: ANH) (“Anworth”)
announced today that its Board of Directors has appointed Joseph E.
McAdams as its Chief Executive Officer effective September 30,
2018. Lloyd McAdams, 73, Anworth’s Founder, Chairman of the Board
of Directors, and current Chief Executive Officer, will remain
Chairman of the Board of the Directors.
Joseph E. McAdams, 49, has served as Anworth’s President since
2016, its Chief Investment Officer since 2003, and a Director on
the Board of Directors since 2002. Mr. Joseph E. McAdams will
continue to hold those positions.
Joseph E. McAdams stated: “It has been a privilege to be part of
the Anworth team for over 20 years and is an honor to have the
opportunity to serve as its CEO. I am proud of Anworth’s long-term
record of delivering attractive levels of income and total return
to shareholders and am confident that as a hybrid mortgage REIT, we
have the right team and opportunistic strategy in place to continue
that success as the residential mortgage market evolves.”
Anworth’s Lead Independent Director, Lee A. Ault III, commented
that, “Our Board has had the privilege of working closely with Joe
McAdams over a period of many years and know him to be an
energetic, experienced, and highly-capable executive who has played
a major role in the successful evolution of Anworth and our
transition from an agency-only to a hybrid mortgage REIT. His
appointment as CEO, and the retention of Lloyd McAdams as Chairman
of the Board, will provide business continuity and a natural
transition going forward.”
Lloyd McAdams remarked: “I look forward to continuing in my
current role as Chairman and our moving forward successfully as we
benefit from expanding mortgage investment opportunities, from
which I expect that Anworth will be particularly well-suited to
provide our shareholders with meaningful returns.”
About Anworth Mortgage Asset Corporation
Anworth is an externally-managed mortgage real estate investment
trust. We invest primarily in mortgage-backed securities that are
either rated “investment grade” or are guaranteed by federally
sponsored enterprises, such as Fannie Mae or Freddie Mac. We seek
to generate income for distribution to our shareholders primarily
based on the difference between the yield on our mortgage assets
and the cost of our borrowings. We are managed by Anworth
Management LLC, or our Manager, pursuant to a management agreement.
Our Manager is subject to the supervision and direction of our
Board of Directors and is responsible for (i) the selection,
purchase, and sale of our investment portfolio; (ii) our financing
and hedging activities; and (iii) providing us with management
services and other services and activities relating to our assets
and operations as may be appropriate. Our common stock is traded on
the New York Stock Exchange under the symbol “ANH.” Anworth is a
component of the Russell 2000® Index.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This news release may contain forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are based upon our current expectations and speak only
as of the date hereof. Forward-looking statements, which are based
on various assumptions (some of which are beyond our control) 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,” “assume,” “estimate,” “intend,”
“continue,” or other similar terms or variations on those terms or
the negative of those terms. Our actual results may differ
materially and adversely from those expressed in any
forward-looking statements as a result of various factors and
uncertainties, including but not limited to, changes in interest
rates; changes in the market value of our mortgage-backed
securities; changes in the yield curve; the availability of
mortgage-backed securities for purchase; increases in the
prepayment rates on the mortgage loans securing our mortgage-backed
securities; our ability to use borrowings to finance our assets
and, if available, the terms of any financing; risks associated
with investing in mortgage-related assets; changes in business
conditions and the general economy; implementation of or changes in
government regulations affecting our business; our ability to
maintain our qualification as a real estate investment trust for
federal income tax purposes; our ability to maintain an exemption
from the Investment Company Act of 1940, as amended; risks
associated with our home rental business; and our Manager’s ability
to manage our growth. Our Annual Report on Form 10-K and other SEC
filings discuss the most significant risk factors that may affect
our business, results of operations and financial condition. We
undertake no obligation to revise or update publicly any
forward-looking statements for any reason.
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Anworth Mortgage Asset CorporationJohn T. Hillman, Director of
Investor Relations1299 Ocean Avenue, Second FloorSanta Monica, CA
90401(310) 255-4438 or (310) 255-4493Email: jhillman@anworth.comWeb
site: http://www.anworth.com
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