ARLINGTON, Va., June 11, 2014 /PRNewswire/ -- Arlington Asset Investment Corp. (NYSE: AI) (the "Company") today announced the appointment of J. Rock Tonkel, Jr. as Chief Executive Officer ("CEO") effective immediately. Mr. Tonkel has served as the President and Chief Operating Officer of the Company, a member of the Company's Board of Directors and a member of the Company's Investment Committee since 2007. He succeeds Eric F. Billings, who co-founded the Company in 1989, and is retiring after serving as CEO and co-CEO since 1997. Mr. Billings will continue to serve as the Executive Chairman of the Board as well as the Chairman of the Company's Investment Committee. Mr. Tonkel will also continue to serve as President of the Company, as a director for the remainder of his term and as a member of the Investment Committee.
Mr. Billings stated, "It has been one of my greatest professional privileges to lead Arlington Asset and its employees. We have capitalized on many opportunities, and faced and overcome many challenges together as well. As I retire as CEO to focus on my other business endeavors, specifically spending more time working with my three sons at Billings Capital Management, LLC, I know the Company is in excellent hands as the Company's best days are still ahead. I look forward to my continued involvement as Executive Chairman."
Mr. Billings continued, "I would also like to congratulate Rock on his appointment as CEO. He has been an enormous contributor to the growth and success of the Company since 1994, and I have the utmost confidence in Rock and the entire leadership team. The Board believes that Rock's industry experience and strong leadership skills make him the ideal person to lead the Company. We are extremely fortunate to have someone of Rock's caliber that is able to seamlessly assume the CEO role."