New York City-based Annaly Capital Management Inc. revealed the departure of Kevin Keyes from his roles as Chairman, Chief Executive Officer and President of the company and member of the Board of Directors.
Keyes is retiring from the Company’s external manager, Annaly Management Company LLC and its affiliates; he will be available for consultation to ensure a smooth transition.
Keyes stated, “It has been a pleasure being a part of the Annaly team, and I depart knowing that the company is well positioned for the future.”
The Board has named Glenn Votek to serve as CEO and President on an interim basis. Votek has been elected to the Board and will also continue to serve as Chief Financial Officer. The Board has formed a search committee and has commenced a search for a permanent CEO, including both internal and external candidates.
According to a prepared release, Votek has been instrumental in the development and execution of Annaly’s strategy, operations and oversight of the financial and technology functions. Votek, who joined Annaly in 2013, is a well-known industry veteran with more than 30 years of experience in financial services. Prior to his role as CFO at Annaly, he served as Executive Vice President and Treasurer at CIT Group since 1999 and also President of Consumer Finance since 2012.
As part of the company’s ongoing efforts to strengthen its corporate governance, the Board has separated the roles of Chair and CEO and named Independent Director Thomas Hamilton to serve as Chair of the Board. Mr. Hamilton, former Global Head of Securitized Product Trading and Banking and Head of Municipal Trading and Banking at Barclays Capital, has spent 24 years in leadership positions in the financial industry and has significant experience and expertise across fixed income markets.
Jonathan Green, formerly Lead Independent Director, and Wellington Denahan, co-founder of Annaly, who have both served on the Board since Annaly’s inception in 1996, have been appointed Vice Chairs of the Board.
Green said, “On behalf of my fellow directors, we express our full faith in the capabilities of the ongoing leadership team, the strategic direction and the long-term opportunity for the Company, and we thank Kevin for his service. We remain focused on supporting the team in their relentless efforts to drive shareholder value.”