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AG Mortgage Investment Trust, Inc. Announces New Nominee to Stand for Election to Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
AG Mortgage Investment Trust announces the nomination of Matthew Jozoff to its Board of Directors, set for election on May 2, 2022. Mr. Jozoff brings over 30 years of experience in mortgage origination and securitization, previously serving in senior roles at J.P. Morgan and Goldman Sachs. His expertise aligns with MITT's strategy as a pure-play residential mortgage REIT. Additionally, the Board will undergo governance changes following Joseph LaManna's decision not to seek reelection, with Debra Hess appointed as Lead Independent Director.
Positive
Matthew Jozoff's nomination can enhance the Board's expertise in mortgage origination and securitization.
New governance structure promotes continuity with experienced leadership in critical roles.
Negative
Joseph LaManna's exit could lead to concerns about Board continuity and experience gaps.
Matthew Jozoff has over 30 years of experience in mortgage origination, fixed income and finance industries
NEW YORK--(BUSINESS WIRE)--
AG Mortgage Investment Trust, Inc. (NYSE: MITT) (the “Company”) is pleased to announce Matthew Jozoff has been nominated to join the Board of Directors (the “Board”) and will stand for election at its upcoming Annual Shareholders Meeting on May 2, 2022.
Mr. Jozoff will bring to the Board significant expertise in the mortgage origination and securitization industries, which closely aligns with the Company’s residential mortgage origination and securitization strategy focus. Until 2021, Mr. Jozoff served as a Managing Director and Co-Head of Fixed Income, Currencies, Commodities, and Index Research at J.P. Morgan Chase & Co. Prior to that, he served in various other senior roles at J.P. Morgan, including as Head of Rates and Securitized Products Research (2013-2019) and Head of Mortgage/Securitized Products Research (2006-2013). Prior to joining J.P. Morgan in 2006, Mr. Jozoff was a Vice President and Head of Mortgage Strategy at Goldman Sachs & Co.Mr. Jozoff began his career in the mortgage research division at Lehman Brothers. Mr. Jozoff holds a Bachelor of Arts from Princeton University and a Master of Business Administration from the University of Pennsylvania. Mr. Jozoff is currently a Managing Director at Radkl, a quantitative trading firm for digital assets and cryptocurrencies.
“We are incredibly pleased to announce Matt Jozoff as an independent director nominee,” said T.J. Durkin, President of the Company. “As we continue to execute our strategy as a dedicated pure-play residential mortgage REIT, the MITT Board and management team look forward to tapping into Matt’s deep knowledge of the mortgage origination and securitization business, along with his decades of leadership experience. We’re confident that his addition to the Board will enhance and strengthen the diversity of skill sets and experience on the Board.”
Joseph LaManna, who has served as a member of the Board since the Company’s initial public offering in 2011 and currently serves as the Lead Independent Director, will not stand for reelection to the Company’s Board of Directors at its 2022 Annual Shareholders Meeting. In connection with Mr. LaManna not standing for reelection, the Board has made the following corporate governance changes, to take effect following the 2022 Annual Shareholders Meeting:
Debra Hess, who joined the Board in 2018 and currently serves as Chair of the Audit Committee, will be appointed to the positions of Lead Independent Director and Chair of the Nominating and Corporate Governance Committee.
Dianne Hurley, who joined the Board in 2020 and currently serves as a member of the Audit Committee, will be appointed as Chair of the Audit Committee. Following this appointment, Ms. Hess will remain a member of the Audit Committee.
Matthew Jozoff will be appointed as a member of the Audit and Compensation Committees.
“On behalf of management and the Board, I want to sincerely thank Joe LaManna for his decade-plus tenure on the MITT Board. We are grateful for Joe’s many contributions, including his leadership and guidance,” said David Roberts, CEO and Chairman of the Board. “We are also truly excited to appoint Debra Hess as Lead Independent Director,” Mr. Roberts added. “We believe that her strong and thoughtful leadership as Chair of the Audit Committee, her tenure on our Board, and her prior public company board and executive experience make her well suited to take on the Lead Independent Director role and ensure a smooth transition.”
About AG Mortgage Investment Trust, Inc.
AG Mortgage Investment Trust, Inc. is a residential mortgage REIT with a focus on investing in a diversified risk-adjusted portfolio of residential mortgage-related assets in the U.S. mortgage market. AG Mortgage Investment Trust, Inc. is externally managed and advised by AG REIT Management, LLC, a subsidiary of Angelo, Gordon & Co., L.P., a leading privately-held alternative investment firm focusing on credit and real estate strategies.
Additional information can be found on the Company’s website at www.agmit.com.
About Angelo Gordon
Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately held limited partnership founded in November 1988. The firm currently manages approximately $51 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 600 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe and Asia. For more information, visit www.angelogordon.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company’s control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that may cause such a difference, include, without limitation, the Company’s ability to execute its strategy, whether any of the anticipated benefits of the Company’s strategy will be realized, and other risks and uncertainties, including those detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its other reports filed from time to time with the U.S. Securities and Exchange Commission. All forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. The Company cautions investors not to unduly rely on any forward-looking statements.
The forward-looking statements speak only as of the date of this press release. The Company is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and the Company does not intend to do so.
