Wellington Denahan has stepped down as CEO of Annaly Capital Management, one of the largest real estate investment trusts (REITs) in the U.S. Moving forward, Kevin Keyes will serve as the company's CEO.
Denahan will remain chairman of the board of directors and executive chairman, focusing on strategic and capital allocation decisions, the company says in a news release.
‘I'm very proud to have co-founded a company that has grown to become the largest mortgage REIT in the world while delivering competitive returns through a wide range of market conditions,’ Denahan says in the release. ‘I look forward to continuing to work with Kevin and the team as we navigate the opportunities ahead. Kevin Keyes began working with Annaly more than a decade ago and we were very fortunate to have him join the company a few years later. He has been hugely instrumental in helping shape the company for the future and has the leadership ability and broad experience to drive Annaly's success in the years ahead.’
‘The board of directors is pleased to name Kevin Keyes as Annaly's CEO,’ adds Jonathan Green, lead director for the company. ‘Keyes is a proven leader who will enable us to take advantage of the company's numerous growth opportunities in the evolving market landscape. We also look forward to Wellington Denahan's continuing contributions to the board and the company as executive chairman.’