Western Asset Mortgage Capital Corporation Announces Departure of CFO and Search for Successor

Rhea-AI Summary

Western Asset Mortgage Capital Corporation (NYSE: WMC) announced that Lisa Meyer, its President and CFO, is leaving the company to pursue another opportunity, effective June 10, 2022. The company is currently seeking her successor and will provide updates accordingly. CEO Bonnie Wongtrakool acknowledged Meyer’s significant contributions over six years, stating her departure will not affect the company’s focus on residential real estate investments. WMC specializes in managing assets related to residential real estate, including non-qualified mortgage loans and non-agency RMBS.

Positive

• CEO Bonnie Wongtrakool expressed confidence in a seamless transition after Lisa Meyer's departure.
• Meyer significantly contributed to operational and financial strategy over six years.

Negative

• The departure of a key executive like Lisa Meyer could create uncertainty for investors during the transition period.

PASADENA, Calif.--(BUSINESS WIRE)-- Western Asset Mortgage Capital Corporation (the “Company”) (NYSE: WMC) announced today that Lisa Meyer, President, Chief Financial Officer and Treasurer of the Company, will be leaving the Company to pursue another opportunity. The Company is in the process of identifying candidates to serve as her successor, and will provide an update when an interim or permanent successor is appointed. Ms. Meyer will remain with the Company through June 10, 2022 to assist with the transition.

“I want to thank Lisa for her significant contributions to our team over the last six years. She played an integral role in developing and implementing our operational and financial strategy, including overseeing multiple financing and capital markets transactions,” said Bonnie Wongtrakool, Chief Executive Officer of the Company. “We wish her all the best in her future endeavors.”

“While we will miss Lisa, her departure will not deter our ability to focus the portfolio on residential real estate investments,” Wongtrakool continued. “Our team is confident that the transition will be seamless and remains wholly dedicated to improving financial performance.”

ABOUT WESTERN ASSET MORTGAGE CAPITAL CORPORATION

Western Asset Mortgage Capital Corporation is a real estate investment trust that invests in, acquires and manages a diverse portfolio of assets, with a focus on residential real estate related investments, including non-qualified mortgage loans, non-agency RMBS and other related investments. The Company’s investment strategy may change, subject to the Company’s stated investment guidelines, and is based on its manager Western Asset Management Company, LLC's perspective of which mix of portfolio assets it believes provide the Company with the best risk-reward opportunities at any given time. The Company is externally managed and advised by Western Asset Management Company, LLC, an investment advisor registered with the Securities and Exchange Commission and a wholly-owned subsidiary of Franklin Resources, Inc. Please visit the Company’s website at www.westernassetmcc.com.

FORWARD-LOOKING STATEMENTS

This press release contains statements that may constitute "forward-looking statements" For these statements, the Company claims the protections of the safe harbor for forward-looking statements contained in such sections. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. In particular, it is difficult to fully assess the impact of COVID-19 at this time due to, among other factors, uncertainty regarding the severity and duration of the outbreak domestically and internationally and the effectiveness of federal, state and local governments’ efforts to contain the spread of COVID-19 and respond to its direct and indirect impact on the U.S. economy and economic activity. Other factors are described in Risk Factors section of the Company’s annual report on Form 10-K for the period ended December 31, 2020 filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220513005434/en/

Investor Relations Contact:

Larry Clark

Financial Profiles, Inc.

(310) 622-8223

lclark@finprofiles.com

Source: Western Asset Mortgage Capital Corporation

FAQ

Who is leaving Western Asset Mortgage Capital Corporation?

Lisa Meyer, President and CFO, is leaving to pursue another opportunity.

When is Lisa Meyer leaving Western Asset Mortgage Capital Corporation?

Lisa Meyer will leave the company on June 10, 2022.

What impact will Lisa Meyer's departure have on WMC?

The company stated that her departure will not affect its focus on residential real estate investments.

What is Western Asset Mortgage Capital Corporation's focus?

WMC focuses on acquiring and managing assets related to residential real estate, including non-qualified mortgage loans and non-agency RMBS.

What steps is WMC taking after Lisa Meyer's departure?

WMC is in the process of identifying candidates for her successor and will provide updates.