Annaly Capital Management, Inc. Announces Completion of Management Internalization and Senior Leadership Changes
July 01 2020 - 7:00AM
Business Wire
Glenn A. Votek to Retire as Senior Advisor and
Remain a Director
Steven F. Campbell Appointed Chief Operating
Officer
Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the
“Company”) today announced that it has completed the acquisition of
its external manager, Annaly Management Company LLC (the
“Manager”), finalizing its transition from an externally-managed
REIT to an internally-managed REIT (the “Internalization”). The
Company acquired the equity interests of the Manager and its
affiliates for a nominal cash purchase price ($1.00) and acquired
all assets and liabilities of the Manager, which were immaterial.
Pursuant to the Internalization Agreement, dated as of February 12,
2020, the Company did not pay any termination fees that would
otherwise be payable in connection with the termination of the
Management Agreement.
Following the closing of the Internalization, Glenn A. Votek
will retire from his role as Senior Advisor on August 31, 2020, but
will continue to serve as a member of the Company’s Board of
Directors. Mr. Votek joined Annaly in 2013 and previously served as
the Company’s Chief Financial Officer and Interim Chief Executive
Officer. Additionally, effective immediately, Steven F. Campbell
was appointed as the Company’s Chief Operating Officer. Mr.
Campbell joined the Company in April 2015 and was most recently
serving as the Head of Business Operations where he worked across
all business teams and functions to ensure smooth operations of
investment processes and execution of corporate initiatives. As
Chief Operating Officer, Mr. Campbell will work closely with the
executive team to help oversee Annaly’s overall operations and risk
management function.
“We are excited to announce the closing of this transaction,
which represents another step forward in our commitment to
strengthen Annaly’s corporate governance practices,” said David
Finkelstein, Annaly’s Chief Executive Officer and Chief Investment
Officer. “The Internalization reflects our strong alignment with
our shareholders and I am confident that our new structure and
leadership changes will afford the Company more latitude to create
long-term value. Both Glenn and Steve have been instrumental to the
Company’s continued growth and transformation in recent years, and
the Company will benefit immensely from Steve’s new role as Chief
Operating Officer and Glenn’s continuing service on our Board as we
embark on being an internalized company.”
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 to optimize its returns through prudent
management of its diversified investment strategies. Annaly is
internally managed and has elected to be taxed as a real estate
investment trust, or REIT, for federal income tax purposes.
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
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 and any subsequent
Quarterly Reports 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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Investors Annaly Capital Management, Inc. Investor
Relations 1-888-8Annaly investor@annaly.com Media Brunswick
Group Alex Yankus 212-333-3810 ANNALY@brunswickgroup.com
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