- Push-out Score suggests push-out forces
- After 21 years in the position
- Joe McAdams taking over
- Lloyd McAdams will remain as Chairman at Anworth
- Lloyd McAdams said 41 words
(exechange) — Santa Monica, California, June 15, 2018 — Lloyd McAdams, chief executive of Anworth, leaves the position. As announced by Anworth Mortgage Asset Corporation in a news release and in a regulatory filing published on Friday, June 15, 2018, Lloyd Lloyd McAdams leaves his post as Chief Executive Officer at the externally-managed mortgage real estate investment trust after 21 years in the role, effective September 30, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.4 years, according to data compiled by exechange. Only 10 percent of the CEOs who departed over the past 12 months left the position after more than 20 years.
Lloyd McAdams’s duties will be taken over by Joseph E. (Joe) McAdams, currently President of Anworth Mortgage Asset Corporation.
It is a generational change as well. Joe McAdams is about 24 years younger than Lloyd McAdams.
Lloyd McAdams and Joseph E. McAdams are father and son.
Lloyd McAdams’s departure from the CEO post is explained as follows. Anworth’s Lead Independent Director, Lee A. Ault III, said: “[Joe McAdams’s] appointment as CEO, and the retention of Lloyd McAdams as Chairman of the Board, will provide business continuity and a natural transition going forward.”
Lloyd McAdams will remain as Chairman at Anworth
“Lloyd McAdams, …, Anworth’s Founder, Chairman of the Board of Directors, and current Chief Executive Officer, will remain Chairman of the Board of the Directors,” Anworth said.
Anworth said: “Mr. Lloyd McAdams, the Company’s Chairman of the Board of Directors … and Chief Executive Officer, will resign his position of Chief Executive Officer of the Company effective September 30, 2018.”
Share price decline
The change follows a decline in the share price of Anworth Mortgage Asset Corporation since June 2017.
In the position of CEO since 1997
Lloyd McAdams has been the Company’s Chairman and Chief Executive Officer since the Company’s formation in 1997.
McAdams is also the Managing Member of Anworth Management LLC, the external Manager of the Company.
McAdams is also the President, Chief Investment Officer and co-founder of Pacific Income Advisers, Inc. (“PIA”), an investment advisory firm organized in 1986 that manages portfolios for institutional and individual clients.
McAdams is also the sole director and Chairman of the Board of PIA Farmland, Inc., a privately-held real estate investment trust incorporated in February 2013 which invests in U.S. farmland properties that are leased to independent farm operators.
McAdams is also the Chairman of Syndicated Capital, Inc., a registered broker-dealer.
McAdams holds a Bachelor of Science in Statistics from Stanford University and a Masters in Business Administration from the University of Tennessee.
McAdams is a Chartered Financial Analyst charterholder and a Certified Employee Benefit Specialist.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Lloyd McAdams’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 25.2018 ($).