Armour Residential Reit, Inc. Announces Executive Changes, Effective March 31, 2020
December 17, 2019 at 04:15 pm EST
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ARMOUR Residential REIT, Inc. announced that Mark R. Gruber has elected to retire from his role as the Company’s Chief Investment Officer and Chief Operating Officer, effective March 31, 2020, in order to pursue outside interests. Mr. Gruber will continue in his current positions through the first quarter of 2020 to ensure a smooth transition for the Company. Scott J. Ulm, the Company’s current Co-Chief Executive Officer, Co-Vice Chairman and Chief Risk Officer, and David B. Sayles, the Managing Director for Portfolio and Risk Analysis for ARMOUR Capital Management LP, the Company’s external manager, will collectively assume the responsibilities of Chief Investment Officer, acting as Co-Chief Investment Officers, effective March 31, 2020. Jeffrey J. Zimmer, the Company’s current Co-Chief Executive Officer, Co-Vice Chairman and President, will assume the responsibilities of Chief Operating Officer while the Company conducts a search for a permanent replacement. The transition of Mr. Zimmer to this position at the end of the first quarter of 2020 is contingent on the results of this search. Prior to joining ACM, Mr. Sayles was Managing Director at BlackRock Financial Management for 13 years, where he co-led a team that advised on and implemented investment and market risk management programs for mortgage banks, real estate investment trusts, insurance companies and financial utilities. Mr. Ulm was previously the Company’s Chief Investment Officer from November 2009 until March 2018, when Mr. Gruber assumed that position.
ARMOUR Residential REIT, Inc. is a real estate investment trust. The Company brings private capital into the mortgage markets to support home ownership for a broad and diverse spectrum of Americans. The Company seeks to create stockholder value through thoughtful investment and risk management of a leveraged and diversified portfolio of mortgage backed securities (MBS). It prioritizes maintaining common share dividends appropriate for the intermediate term rather than focusing on short-term market fluctuations. It invests in MBS, issued or guaranteed by a United States Government-sponsored entity (GSE), such as the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a government agency such as Government National Mortgage Administration (Ginnie Mae) (collectively, Agency Securities). Its Agency Securities consist of fixed rate loans. The Company is managed by ARMOUR Capital Management LP, an investment advisor.