AGNC CEO Gary Kain leaves his post

  • Push-out Score determined
  • After about five and a half years in the position
  • Praise for Kain
  • Peter Federico taking over
  • Kain will remain as Executive Chairman at AGNC
  • Kain said 123 words

(exechange) — Bethesda, Maryland, December 10, 2020 — Gary Kain, chief executive of AGNC, leaves his post. His departure is made public at an early stage. As announced by AGNC Investment Corp. in a news release and in a regulatory filing published on Thursday, December 10, 2020, Gary D. Kain leaves his post as chief executive officer of the real estate investment trust after about five and a half years in the role, effective July 1, 2021.

Gary Kain’s duties as CEO will be taken over by Peter Federico, currently President and Chief Operating Officer of AGNC Investment Corp.

Gary Kain’s move forms part of a management shake-up also involving the position of Chief Investment Officer.


The management change is explained as follows. Prue Larocca, currently AGNC’s Board Chair, said: “The management changes announced today provide for the continuity of our management team, whose strength is one of our key competitive advantages.”

Kain will remain as Executive Chairman at AGNC

“[E]ffective 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,” AGNC said.

Share price decline since March 2016

The announcement follows a decline in AGNC Investment Corp.’s share price of 13% since March 2016. March 2016 is the month in which Kain’s tenure as CEO began.

Chaired by Prue Larocca

Prue Larocca serves as AGNC Investment Corp.’s Chairman.

Larocca has served as the Company’s Chair and Lead Independent Director since May 2016. She is a retired investment banking executive and a widely recognized expert in the areas of housing finance and securitization.

In the position of CEO since 2016

Gary Kain became CEO of the Company in 2016.

Kain has served as a Director and the Company’s Chief Executive Officer since March 2016 and Chief Investment Officer since January 2009.

He previously was the Company’s President from April 2011 until March 2018.

Prior to joining AGNC Investment Corp., Kain was Senior Vice President of Investments and Capital Markets of Freddie Mac from May 2008 to January 2009.

He also served as Senior Vice President of Mortgage Investments & Structuring of Freddie Mac from February 2005 to April 2008, during which time he was responsible for managing all of Freddie Mac’s mortgage investment activities for the company’s $700 billion retained portfolio.

From 2001 to 2005, Kain served as Vice President of Mortgage Portfolio Strategy at Freddie Mac.

From 1995 to 2001, he was the head trader in Freddie Mac’s Securities Sales & Trading Group, where he was responsible for managing all trading decisions including REMIC structuring and underwriting, hedging all mortgage positions, income generation, and risk management.

Prior to that, he served as a senior trader, responsible for managing the adjustable-rate mortgage and REMIC sectors.

Kain previously served as a Director and Chief Executive Officer of MTGE Investment Corp. (Nasdaq: MTGE) from March 2016 until May 2018 and as Chief Investment Officer from March 2011 until May 2018.

In addition, he served as President from March 2011 until March 2018 of MTGE.

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 AGNC and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 50.2020 ($).