Dynex Capital, Inc. (NYSE: DX) (the Company) announced approval of executive management changes to take effect January 1, 2014. Byron L. Boston, the Company’s current President and Chief Investment Officer, has been promoted to Chief Executive Officer (CEO) and President beginning January 1, 2014, and will retain a Co-Chief Investment Officer role. Also effective January 1, 2014, the Company’s current CEO, Thomas B. Akin, will transition to Executive Chairman of the Company's Board of Directors.
Mr. Akin commented, “I would like to congratulate Byron on his appointment as CEO and look forward to continuing to work closely with him in the years to come as he builds upon his track record of leadership and key successes. Our shared vision and values provide a solid foundation from which we will continue to strengthen our business and drive toward long-term value creation for all stakeholders. As one of Dynex’s largest shareholders, I am very excited that Byron agreed to his new role. I remain deeply committed to the Company and I am extremely optimistic about our future."
The Company also announced that it has appointed Smriti L. Popenoe as Executive Vice President, Co-Chief Investment Officer, effective January 1, 2014. Ms. Popenoe has served as a strategic consultant to the Company since May 2013 and will continue in that role until January 1, 2014, when Ms. Popenoe will assume the daily management of the Company’s investment portfolio. Ms. Popenoe most recently served as Executive Vice President, Chief Risk Officer at PHH Corporation, a leading provider of mortgage banking and fleet management outsourcing services. Prior to joining PHH, Ms. Popenoe served as Senior Vice President, Balance Sheet Management at Wachovia (now Wells Fargo), where she led a team responsible for all aspects of the firm's $130 billion investment portfolio, including agency and non-agency RMBS, ABS, CMBS and whole loans. Prior to Wachovia, Ms. Popenoe served as Senior Vice President, Investments of Sunset Financial Resources, a start-up investment business under a REIT framework, where she successfully built and managed a $1.1 billion ARM portfolio. Previously, Ms. Popenoe spent nine years with Freddie Mac, where she was responsible for investment portfolio management across Freddie Mac’s $400-billion fixed rate MBS and whole loan portfolios.