Annaly Capital Management, Inc. Names David L. Finkelstein Chief Executive Officer
16 March 2020 - 10:00PM
Business Wire
Interim CEO Glenn Votek to Assume Role of
Senior Advisor and Remain on the Board of Directors
Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the
“Company”) announced today the Board of Directors (the “Board”) has
elected David L. Finkelstein as its Chief Executive Officer and a
member of the Board, effective March 13, 2020. Mr. Finkelstein will
also retain his current role as Chief Investment Officer. Mr.
Finkelstein succeeds Glenn Votek, who has acted as Interim CEO and
President since November 2019. Mr. Votek has been named as Senior
Advisor to the Company for an interim period to ensure a smooth and
orderly transition and will support the Company thereafter as a
continuing member of the Board.
The promotion of Mr. Finkelstein affirms the Board’s confidence
in the depth of the Company’s senior management team and the
Company’s strategic outlook and capabilities. The appointment is
the result of a comprehensive search process conducted in
partnership with the CEO Search Committee of the Board and a
leading executive search firm, which included both internal and
external candidates.
Mr. Finkelstein has demonstrated his leadership in shaping the
Company’s investment and corporate strategy since joining Annaly in
2013. Mr. Finkelstein has 25 years of experience in fixed income
investments. Prior to Annaly, Mr. Finkelstein served for four years
as an Officer in the Markets Group of the Federal Reserve Bank of
New York where he was the primary strategist and policy advisor for
the MBS Purchase Program. Previously, Mr. Finkelstein held senior
Agency MBS trading positions at Salomon Smith Barney, Citigroup
Inc. and Barclays PLC. Mr. Finkelstein received a B.A. in Business
Administration from the University of Washington and a M.B.A. from
the University of Chicago, Booth School of Business. Mr.
Finkelstein also holds the Chartered Financial Analyst®
designation.
“The Board is pleased to have selected David as Annaly’s CEO
given his deep investment and operational expertise, strategic
orientation and embodiment of Annaly’s values and unique culture.
David is recognized as a leading voice of the Company and will
leverage his extensive markets and policy experience in guiding
Annaly in his new role,” said Michael Haylon, Director and Chair of
the CEO Search Committee. “We are grateful for Glenn’s significant
contributions to Annaly over the past several years and for serving
as a steady hand during the leadership transition. We will continue
to benefit from his expertise in his next phase as a Board
member.”
Mr. Finkelstein commented: “I am honored by the opportunity to
assume leadership of this firm. Annaly has been highly innovative
since its inception, steered by visionary founders whose expertise
enabled them to grow the Company through credit cycles and
volatility while leading the market and taking advantage of
opportunities unforeseen by other market participants. With the
talented team alongside me, we will continue in this tradition,
employing the full breadth of our experiences and insight to guide
Annaly toward continued success over the long term. I have deep
appreciation for Glenn’s exemplary leadership during this
transition and I look forward to our continued partnership on the
Board.”
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. Until the closing of its announced
internalization transaction, 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 including, but not limited to, the risks that are set
forth under “Risk Factors” in the Company’s Annual Report on Form
10-K for the year ended December 31, 2019 and any subsequent
Quarterly Report 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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Investor Contact
Annaly Capital Management, Inc. Investor Relations 1-888-8Annaly
investor@annaly.com
Media Contact
Brunswick Group Alex Yankus 1-212-333-3810
ANNALY@brunswickgroup.com
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