BETHESDA, Md., Dec. 10, 2020 /PRNewswire/ -- AGNC Investment
Corp. (Nasdaq: AGNC) ("AGNC" or the "Company") announced today
that, effective July 1, 2021,
Gary Kain, the Company's Chief
Executive Officer and Chief Investment Officer, will transition to
the role of Executive Chairman of the Board of Directors of the
Company (the "Board"). As Executive Chairman, Mr. Kain will remain
an integral member of the executive management team and continue to
play a significant role in the Company's ongoing investment
decisions, risk management activities, and capital management
strategies. In his new capacity, Mr. Kain will also, in
consultation with the Lead Independent Director, preside over
AGNC's board and stockholder meetings. Mr. Kain's term as Executive
Chairman will begin on July 1, 2021
and is expected to continue through at least December 31, 2022. Prue
Larocca, currently AGNC's Board Chair, will continue as the
Board's Lead Independent Director and will become Vice Chair,
effective July 1, 2021.
Today, the Board also announced that it has selected
Peter Federico, who currently serves
as President and Chief Operating Officer, to succeed Mr. Kain as
the Company's Chief Executive Officer, and Christopher Kuehl, who currently serves as
Executive Vice President, to become the Company's Chief Investment
Officer, both effective July 1,
2021.
"Peter, Chris and I have worked together for virtually my entire
tenure with AGNC, and I look forward to continuing our partnership
over the coming years as I transition to my new role as Executive
Chairman," said Mr. Kain. "While I will remain actively engaged in
important investment decisions such as asset selection, leverage,
hedging, and capital allocation, I cannot think of two more capable
individuals to lead AGNC's day to day investment activities. I am
confident that their vast knowledge of the industry, experience and
strategic vision have prepared them to succeed in their new roles
and to further AGNC's position as a market-leading residential
mortgage REIT. We are confident that this will be a seamless
transition and will position AGNC well for the long-term."
"The management changes announced today provide for the
continuity of our management team, whose strength is one of our key
competitive advantages," said Ms. Larocca. "Gary is a thought
leader in the mortgage space, and his extraordinary stewardship
over the years has driven AGNC's growth and investment excellence
since 2009, creating exceptional value for our stockholders.
Peter and Chris are highly respected leaders who have contributed
immensely to AGNC's success since joining the Company, and I am
confident they will drive AGNC's strong performance over the years
to come. I also look forward to continuing to work with Gary in his
new role as Executive Chairman, and we will work closely with our
Board to oversee AGNC's strategy and focus on the long-term
interests of our stockholders."
Mr. Kain has served as AGNC's Chief Executive Officer since
March 2016 and Chief Investment
Officer since January 2009, when he
joined the Company. He previously served as President from
April 2011 until March 2018.
"I am honored to be selected as the next Chief Executive Officer
of AGNC," said Mr. Federico. "Above all else, I look
forward to the opportunity to lead the phenomenal AGNC team as we
strive, as always, to deliver best-in-class risk-adjusted returns
to our stockholders. It has been a true privilege to collaborate
with Gary over the past decade at AGNC to drive significant equity
growth and strong total stock and economic returns. Chris and I
look forward to continuing to partner with him in our new
roles."
Mr. Federico joined AGNC in May
2011 and has served as President and Chief Operating Officer
since March 2018. Previously, Mr.
Federico was Executive Vice President and Chief Financial Officer
from July 2016 until March 2018 and Senior Vice President and Chief
Risk Officer from June 2011 until
July 2016.
Mr. Kuehl joined AGNC in August
2010 and has served as AGNC's Executive Vice President –
Agency Portfolio Investments since November
2016. He was previously a Senior Vice President from
March 2012 through October 2016.
For further information or questions, please contact Investor
Relations at (301) 968-9300 or IR@AGNC.com.
ABOUT AGNC INVESTMENT CORP.
AGNC Investment Corp. is
an internally managed real estate investment trust that invests
primarily in residential mortgage-backed securities for which the
principal and interest payments are guaranteed by a U.S.
Government-sponsored enterprise or a U.S. Government agency.
For further information, please refer to www.AGNC.com.
FORWARD-LOOKING STATEMENTS
This press release contains
forward-looking statements. Forward-looking statements are based on
estimates, projections, beliefs and assumptions of management of
the Company at the time of such statements and are not guarantees
of future performance. Forward-looking statements involve risks and
uncertainties in predicting future results and conditions. Actual
results could differ materially from those projected in these
forward-looking statements due to a variety of important factors,
including, without limitation, changes in interest rates, changes
in the yield curve, changes in prepayment rates, the availability
and terms of financing, changes in the market value of the
Company's assets, general economic conditions, market conditions,
conditions in the market for agency securities, and legislative and
regulatory changes that could adversely affect the business of the
Company. Certain factors that could cause actual results to differ
materially from those contained in the forward-looking statements,
are included in the Company's periodic reports filed with the
Securities and Exchange Commission ("SEC"). Copies are available on
the SEC's website, www.sec.gov. The Company disclaims any
obligation to update or revise any forward-looking statements based
on the occurrence of future events, the receipt of new information,
or otherwise.
CONTACT:
Investor Relations - (301) 968-9300
Media Relations - (301) 968-9303
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SOURCE AGNC Investment Corp.