NEW YORK--(BUSINESS WIRE)--Annaly Capital Management, Inc. (NYSE:NLY) announced today that Kevin G. Keyes, the Company’s Chief Executive Officer and President and a member of the Board of Directors of the Company (the “Board”), has been appointed as Chairman of the Board, effective January 1, 2018. Wellington J. Denahan, Annaly’s co-founder, Executive Chairman and Chairman of the Board, will retire as Executive Chairman and Chairman of the Board, effective December 31, 2017, but will continue to serve as a member of the Board.
Ms. Denahan remarked: “I’m very proud to have co-founded a company that has exhibited significant growth, outperformance over the long term and has evolved to become an industry leader. I am extremely excited about Annaly’s future and the strategy that Kevin has set forth. I look forward to continuing to support Kevin and the Company through my service as a member of the Board.”
“The Board is pleased to appoint Kevin as its Chairman,” said Jonathan D. Green, Annaly’s Lead Independent Director. “Kevin is a dynamic leader who has shepherded the Company through unprecedented market volatility while at the same time spearheaded our evolution from a mono-line Agency REIT to a leading diversified capital manager.”
Mr. Keyes commented: “Wellington’s vision and leadership have helped the Company grow from its $102 million initial public offering in 1997 to an industry leader with a $14 billion market capitalization today. It is my great privilege to serve as Annaly’s CEO and work alongside Wellington and the rest of the Board. I’m honored that the Board has appointed me as its Chairman and I am committed and excited to continue to lead this great company through the next phases of growth and evolution. I am extremely confident that Annaly is uniquely positioned for the tremendous opportunities that lie ahead.”
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 through capital preservation, prudent selection of investments, and continuous 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.