AGNC Investment Corp. Announces Management Changes, Effective July 1, 2021
December 10, 2020 at 04:37 pm EST
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AGNC Investment Corp. announced 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 . 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. The Board also announced that it has selected Christopher Kuehl, who currently serves as Executive Vice President, to become the Company's Chief Investment Officer, both effective July 1, 2021. 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.
AGNC Investment Corp. is an internally managed real estate investment trust (REIT). The Company provides private capital to the United States housing market, enhancing liquidity in the residential real estate mortgage markets and, in turn, facilitating home ownership in the United States. The Company invest primarily in Agency residential mortgage-backed securities (Agency RMBS) on a leveraged basis. These investments consist of residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a United States Government-sponsored enterprise, such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac, and together with Fannie Mae, the GSEs), or by a United States Government agency, such as the Government National Mortgage Association (Ginnie Mae). It may also invest in other assets related to the housing, mortgage or real estate markets.