Matthew J. Lambiase to Retire as Chief Executive Officer of Chimera
November 17 2020 - 4:30PM
Business Wire
Mohit Marria to be Named Chief Executive
Officer; Choudhary Yarlagadda to be Named President; Both Elected
to Board of Directors
Chimera Investment Corporation (NYSE:CIM) (“Chimera” or the “Company”) announced today that Matthew J. Lambiase
will retire from his roles as President and Chief Executive Officer
of the Company effective December 31, 2020. Mr. Lambiase will
continue to serve on the Company’s Board of Directors (the
“Board”) until his retirement. Mr.
Lambiase has expressed a desire to spend more time with his family
and will assist the Company with a smooth transition.
Mr. Lambiase stated, “It has been my pleasure to lead Chimera
for the last 13 years. I retire knowing the Company is in good
hands and has a bright future ahead.”
Upon the recommendation of its Nominating and Corporate
Governance Committee (the “Governance
Committee”), the Board has named Mohit Marria, who currently
serves as Chief Investment Officer (“CIO”), to serve as Chief Executive Officer
beginning January 1, 2021, upon Mr. Lambiase’s retirement. In
addition, Mr. Marria has been elected to the Board, effective
immediately, and will continue to serve as CIO. In addition, upon
the recommendation of the Governance Committee, the Board has named
Choudhary Yarlagadda, who currently serves as Chief Operating
Officer (“COO”), to serve as President
in addition to his role as COO. Mr. Yarlagadda has also been
elected to the Board, effective immediately.
Paul Donlin, Chairman of the Board, stated, “We cannot thank
Matt enough for the work he’s done for us. At the same time, Mo has
been a proven leader in his previous roles with the Company,
particularly during the turmoil created by the COVID-19 pandemic.
We are excited for the direction Mo will take us. We are also
excited for Choudhary’s continued leadership and expertise, and he
continues to be an integral member of the Chimera team.”
Mr. Marria stated, “I’m thankful for the opportunity to lead the
Company, and excited for what we can achieve together. I look
forward to working with the rest of the management team and the
Board to seek value for our shareholders.”
Mr. Yarlagadda stated, “I am excited for the future of the
Company, and look forward to working with Mo and others as we enter
this next chapter of Chimera’s history.”
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995, particularly as
related to expectations of the Company’s future performance. Actual
results may differ from expectations, estimates and projections
and, consequently, readers should not rely on these forward-looking
statements as predictions of future events. These forward-looking
statements involve significant risks and uncertainties that could
cause actual results to differ materially from expected results,
including, among other things, those described in our most recent
Annual Report on Form 10-K, and any subsequent Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K, under the caption “Risk
Factors.”
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