UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
|
|
| ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(IRS Employer Identification No.) |
|
| |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code:
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered | ||
|
|
| ||
|
|
| ||
|
|
| ||
|
|
| ||
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Departure of Kevin G. Keyes as Chairman, Chief Executive Officer and President
On November 21, 2019, Annaly Capital Management, Inc. (the “Company”) announced the departure of Kevin G. Keyes from his roles as Chairman, Chief Executive Officer and President of the Company and member of the Board of Directors (the “Board”). The Board and Mr. Keyes have mutually agreed that his departure will be effective as of November 21, 2019. Mr. Keyes is retiring from the Company’s external manager, Annaly Management Company LLC (the “Manager”) and its affiliates. Mr. Keyes will be available for consultation to ensure a smooth transition.
On the same date, the Company and Mr. Keyes entered into a Separation and Release Agreement in full satisfaction of all obligations owed to Mr. Keyes by the Company under the terms of the Severance and Noncompetition Agreement between the Company and Mr. Keyes, dated August 1, 2018.
Appointment of Chief Financial Officer Glenn A. Votek as Interim Chief Executive Officer and President and Election as a Member of the Board
On November 20, 2019, the Board appointed Glenn A. Votek, 61, who has served as the Company’s Chief Financial Officer since 2013, as Chief Executive Officer and President, on an interim basis, effective as of November 21, 2019. It is expected that Mr. Votek will serve in such roles until the appointment by the Board of a permanent chief executive officer and president. The Board has also elected Mr. Votek as a member of the Board, effective immediately. The Board has formed a search committee for a permanent chief executive officer. Mr. Votek will serve as a member of such committee. Mr. Votek will continue to serve as the Company’s Chief Financial Officer. Biographical and other information concerning Mr. Votek is included in the Company’s proxy statement for the 2019 Annual Meeting of Stockholders, filed with the SEC on April 9, 2019 and is incorporated by reference herein.
Board Leadership Changes
Board of Directors determined to separate the roles of Chief Executive Officer and Chair of the Board. On November 20, 2019, Director Thomas Hamilton was appointed as an independent Chair of the Board, and Directors Wellington J. Denahan and Jonathan D. Green were appointed as Vice Chairs of the Board, effective as of November 21, 2019. In connection with these changes, the Board will not maintain a separate Lead Independent Director and accordingly Mr. Green will no longer serve in such position. Biographical and other information concerning Mr. Hamilton, Ms. Denahan and Mr. Green is included in the Company’s proxy statement for the 2019 Annual Meeting of Stockholders, filed with the SEC on April 9, 2019 and is incorporated by reference herein.
Item 7.01. | Regulation FD Disclosure. |
A copy of the Company’s press release (the “Press Release”) announcing the matters described under Item 5.02 above is attached hereto and furnished as Exhibit 99.1.
This Press Release is being furnished pursuant to Item 7.01, and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. | Financial Statements and Exhibits |
(d) | Exhibits. |
99.1 |
||||
104 |
Cover page (formatted in Inline XBRL). |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ANNALY CAPITAL MANAGEMENT, INC. | ||||||
(REGISTRANT) | ||||||
Date: November 21, 2019 |
By: |
/s/ Anthony C. Green | ||||
Name: |
Anthony C. Green | |||||
Title: |
Chief Corporate Officer and Chief Legal Officer |
3
Exhibit 99.1
Kevin Keyes to Depart as Chairman, CEO and President of Annaly
Glenn Votek Named Interim CEO and President; Elected to Board of Directors
Thomas Hamilton Named Chair of the Board
NEW YORK, November 21, 2019 Annaly Capital Management, Inc. (NYSE: NLY) (Annaly or the Company) announced today the departure of Kevin Keyes from his roles as Chairman, Chief Executive Officer (CEO) and President of the Company and member of the Board of Directors (the Board). The Board and Mr. Keyes have mutually agreed that his departure will be effective today.
Mr. Keyes is retiring from the Companys external manager, Annaly Management Company LLC (the Manager) and its affiliates; he will be available for consultation to ensure a smooth transition.
Mr. 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. Mr. 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.
Mr. Votek has been instrumental in the development and execution of Annalys strategy, operations and oversight of the financial and technology functions. Mr. 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 Companys 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 Annalys inception in 1996, have been appointed Vice Chairs of the Board.
1
Mr. 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.
Mr. Votek said, As Annaly has grown, diversified and institutionalized, we have built a deep bench of talent that has been critical to the development and execution of our strategy. The Management team remains as confident as ever in the Companys direction and prospects.
The Company today filed a Form 8-K with the SEC.
About Annaly
Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Annalys 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. 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 managements 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. The factors that could cause actual results to differ from those contained in the forward-looking statements are detailed in the section titled Risk Factors in our most recent 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.
Contact
Annaly Capital Management, Inc.
Investor Relations
1-888-8Annaly
investor@annaly.com
2
EI'OZJ'Y\J(.E^"!ZG3NHC1:"ROIF
MIE64H:2C=&"5!,S]0];$'9YA!71?,D:Y/G$ :).
MIQ.ZU15)J5GVHV(_#!WPZX/B@=-1@ =%;;'&O]P?[7*($.#7"W4UUC!CP==VF=AUO%51/J>V
M@>EZ&I/"&_WU__4V5["OMPC1>"Z[I+WL])\-JS?J>PKC?7U'"!-LN^>]N
NHZ'G9?S1APWH*L3[>VOQJ*Q[LW>!$0
M/A$5](6SE_A1+%*>G+#B:V<%$(W>'2Q/BVT<:G]_L 06R?'I3;6,"!(F2*F0
M[@_6F(;F!F'E7%8*(?3GRNJ]WN&!,KK8L7COHQ]ZV4/M8\8#=9WQP1F9+88-
M@1HP?;44F6' M@50 1RI#!;OVP@Z6+Q L""$[XK2[AL==IB5]E6B;5.S+8\K
M&I)A3 *C&SX5P/:P3-93-2B515!=Y;)"L*N2D;2@>.NM&^3T*M6.48Z:A5:V
MSAH[T4CQ3Z/VQ'&>DL46\>,HV[.ZZDIW_U /@4EM ]^)HIOQ?#VZE[\2KI)XDU.#_G'G_<$]X91$
MYX-I,/7%TNF9W!&/D$">>=R*4,(Y\2HZ>GOLADXIX