Leadership Restructuring at Annaly: Glenn Votek Takes Interim Helm as Kevin Keyes Steps Down

Annaly Capital Management (NYSE: NLY) announced today that Kevin Keyes has stepped down from his positions as Chairman, Chief Executive Officer, and President, effective immediately. The mutual decision between Keyes and the Board marks a significant transition for the diversified capital manager, with Keyes remaining available for consultation during the handoff period.

New Leadership Structure and Strategic Governance Changes

The Board moved swiftly to establish continuity, appointing Glenn Votek as interim CEO and President while maintaining his role as Chief Financial Officer. Votek’s election to the Board underscores his critical influence in shaping Annaly’s operational direction. Simultaneously, the Board formalized a separation of Chair and CEO responsibilities—a move aimed at strengthening corporate governance—by elevating Independent Director Thomas Hamilton to Chair of the Board.

Jonathan Green and Wellington Denahan, both original Board members since Annaly’s 1996 inception, were appointed Vice Chairs, reinforcing the Board’s commitment to institutional depth.

Leadership Credentials and Strategic Confidence

Votek brings substantial financial services expertise to his expanded role, having joined Annaly in 2013 after spending over 30 years in the industry. His previous tenure at CIT Group, where he served as Executive Vice President, Treasurer, and President of Consumer Finance, positions him well for the interim leadership position.

Thomas Hamilton’s appointment as Chair reflects his extensive background in securitized products and fixed-income markets, including 24 years leading financial divisions at Barclays Capital.

The Board expressed confidence in the existing management team’s strategic direction and long-term value creation potential. A formal search committee has been established to identify a permanent CEO from both internal and external candidate pools.

Company Perspective on Transition

Votek emphasized that Annaly has developed a “deep bench of talent” essential to executing its diversified investment strategy across residential and commercial assets. The company, which operates as a real estate investment trust (REIT), remains focused on generating shareholder value through prudent capital management and portfolio optimization.

Keyes noted his satisfaction with Annaly’s positioning, citing the company’s readiness to navigate future opportunities.