Leadership Transition at Annaly: David L. Finkelstein Steps Into CEO Role with Extensive Fixed Income Expertise

Annaly Capital Management, Inc. (NYSE: NLY) has formally appointed David L. Finkelstein to the position of Chief Executive Officer, a decision that takes effect as of March 13, 2020. This transition marks a significant moment for the real estate investment trust (REIT) as it moves forward under new executive direction. Finkelstein will simultaneously maintain his position as Chief Investment Officer, blending strategic oversight with day-to-day operational leadership.

Background on the Leadership Transition

Glenn Votek, who has guided the company as Interim CEO and President since November 2019, will transition into a Senior Advisor role for an interim period. This measured approach to leadership succession ensures organizational continuity while Votek remains engaged as a Board member. The Board of Directors conducted an extensive executive search, reviewing both internal and external candidates before making their final selection.

David L. Finkelstein’s Track Record and Qualifications

The newly appointed CEO brings substantial credentials to his expanded role. Since joining Annaly in 2013, Finkelstein has played a pivotal role in shaping the firm’s investment philosophy and corporate direction. His career spans 25 years within the fixed income sector, providing deep market knowledge and investment acumen.

Prior to his tenure at Annaly, Finkelstein held a notable position at the Federal Reserve Bank of New York’s Markets Group, where he served as a key strategist for the agency’s MBS Purchase Program. His earlier career included senior trading roles in agency mortgage-backed securities at prominent financial institutions including Salomon Smith Barney, Citigroup Inc., and Barclays PLC.

Academically, Finkelstein holds a Bachelor’s degree in Business Administration from the University of Washington and an MBA from the University of Chicago’s Booth School of Business. He also maintains the Chartered Financial Analyst (CFA) designation, underscoring his commitment to professional excellence.

Strategic Significance of the Appointment

The Board’s decision reflects confidence in both Finkelstein’s demonstrated leadership capabilities and Annaly’s broader management infrastructure. Michael Haylon, Director and Chair of the CEO Search Committee, highlighted Finkelstein’s deep investment expertise, strategic orientation, and alignment with company values as deciding factors. His recognized standing as a thought leader within the organization positions him to leverage market insights and policy experience to advance company objectives.

Finkelstein himself emphasized the importance of continuity and innovation, noting Annaly’s historical track record of navigating market cycles and capitalizing on emerging opportunities. He expressed commitment to building on the company’s legacy while maintaining the collaborative partnership with Votek during the transition period.

About Annaly Capital Management

Annaly operates as a diversified capital manager specializing in residential and commercial asset investments and financing. Structured as a REIT for federal tax purposes, the company focuses on generating net income for shareholders while optimizing returns through disciplined management of its investment portfolio. The company is externally managed by Annaly Management Company LLC pending the completion of its previously announced internalization initiative.