- Push-out Score determined
- After about four years in the position
- Thanks for Keyes
- Glenn Votek taking over in the interim
- Search for a successor
- Keyes kept it short and said 25 words
(exechange) — New York, November 21, 2019 — Kevin Keyes, chief executive of Annaly, leaves — as “mutually agreed.” As announced by Annaly Capital Management Inc. in a news release and in a regulatory filing published on Thursday, November 21, 2019, Kevin G. Keyes leaves his post as Chief Executive Officer at the real estate investment trust company after about four years in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange.
Annaly will undertake a search for a successor.
Kevin Keyes’s duties as CEO will be taken over in the interim by Glenn A. Votek, most recently Chief Financial Officer of Annaly Capital Management, Inc., as Interim Chief Executive Officer.
No reason given
In the announcement, Annaly did not explicitly explain the reason for Kevin Keyes’s move.
Precise information regarding Kevin Keyes’s future plans was not immediately available.
Annaly said: “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.”
Share price decline
The announcement follows a decline in Annaly Capital Management, Inc.’s share price of 23% since December 2017.
In the position of CEO since 2015
Kevin Keyes became CEO of the Company in September 2015.
Keyes is retiring from the Company’s external manager, Annaly Management Company LLC (the “Manager”) and its affiliates; he will be available for consultation to ensure a smooth transition.
Keyes served as Annaly’s Chairman, Chief Executive Officer and President.
Keyes has served as Chairman since January 2018, Chief Executive Officer since September 2015 and President since October 2012.
Previously, Keyes served as Chief Strategy Officer and Head of Capital Markets of Annaly from September 2010 until October 2012.
Prior to joining Annaly as a Managing Director in 2009, Keyes worked for 20 years in senior Investment Banking and Capital Markets roles.
From 2005 to 2009, Keyes served in senior management and business origination roles in the Global Capital Markets and Banking Group at Bank of America Merrill Lynch.
Prior to that, from 1997 to 2005 he worked at Credit Suisse First Boston in various Capital Markets Origination roles, and from 1990 to 1997 at Morgan Stanley Dean Witter in the Mergers and Acquisitions Group and Real Estate Investment Banking Group.
Keyes is a member of the University of Notre Dame’s Campaign Cabinet, the President’s Circle, the Student-Athlete Advisory Council and the Jesse Harper Council, as part of the Rockne Athletics Fund.
He is a member of the Wall Street Journal’s CEO Council and serves on the Board of Directors of the Rock and Roll Forever Foundation.
Keyes holds a B.A. in Economics and a B.S. in Business Administration (ALPA Program) from the University of Notre Dame.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Annaly and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2019 ($).