Annaly's Legal Architect to Retire, Marking End of Transformative Era

NEW YORK, NY – December 29, 2025 – Annaly Capital Management, Inc. (NYSE: NLY), a leading mortgage real estate investment trust, is preparing for a significant leadership transition. The company announced today that Anthony Green, its long-serving Chief Legal Officer, Chief Corporate Officer, and Secretary, will retire after a distinguished 16-year career. The move marks the end of an era for Annaly, as Green was a central figure in the company’s evolution, particularly its shift to an internally managed structure.

Mr. Green’s retirement will be effective January 1, 2026. In a move designed to ensure a seamless transition, he will remain with the company as a Senior Advisor through March 31, 2026. This three-month advisory period underscores the depth of his integration into the company's core functions and the importance of his institutional knowledge. His departure leaves a significant vacancy at the nexus of Annaly's legal, compliance, and corporate strategy, prompting questions about the future shape of its executive leadership.

A Legacy of Transformational Change

Anthony Green's impact on Annaly Capital Management extends far beyond the typical duties of a chief legal officer. Since joining the firm in 2009 from a background in corporate law at prominent firms like K&L Gates, his role and influence grew substantially. He was appointed Chief Legal Officer in 2017 and took on the additional mantle of Chief Corporate Officer in 2019, reflecting his expanding responsibilities.

Perhaps his most significant contribution was his instrumental role in Annaly’s 2020 internalization of its management structure. This complex strategic shift moved the company away from an external management model, aligning its governance and operations with the best practices of traditional public companies. This process was critical for enhancing transparency, reducing potential conflicts of interest, and giving the company more direct control over its strategic direction. Green's legal and corporate stewardship was pivotal in navigating this transformation.

In the company’s announcement, Chief Executive Officer and Co-Chief Investment Officer David Finkelstein lauded Green’s contributions. “Anthony has been a trusted advisor, strategic business partner and valued colleague,” Finkelstein stated. “During his career at Annaly, Anthony helped steer us forward through times of transformational change as we became an internally managed public company, supported complex acquisitions and divestitures and strengthened our governance while building high-performing teams. We have relied on Anthony’s exceptional leadership, wise counsel and sound judgment over the years, and we are grateful for his lasting contributions to Annaly in multiple aspects.”

The significance of his position is also reflected in his executive compensation. For the 2024 fiscal year, Green’s total compensation was reported at $5,086,080, a figure that highlights his senior standing and the broad scope of his responsibilities within the firm.

Navigating the Succession Question

With Green’s retirement on the horizon, Annaly has not yet publicly named a successor for the roles of Chief Legal Officer, Chief Corporate Officer, or Secretary. The combined nature of Green’s position means the company faces the challenge of filling a multifaceted role that spans legal oversight, compliance, corporate responsibility, government relations, and various internal control functions.

The absence of an immediate successor announcement is not unusual for a planned retirement of this nature, particularly with a structured transition period in place. The advisory role Green will assume is designed to facilitate a smooth handover of responsibilities and provide continuity. During this term, he will continue to receive his base salary and remain eligible for 2025 incentives, ensuring his full engagement during the critical hand-off period.

While the company has not indicated whether it will seek an internal or external candidate, it possesses a bench of experienced legal and compliance professionals. Senior leaders like Audrey K. Susanin, the Deputy General Counsel & Chief Compliance Officer, and other key personnel within the legal and corporate departments, will be crucial in managing the transition. The ultimate decision on whether to appoint a single successor to fill all of Green's functions or to divide the responsibilities among multiple executives will be a defining moment for Annaly’s corporate structure moving forward.

Market Context and Governance Outlook

The announcement of a key executive's departure can sometimes create market uncertainty, but the initial reaction to Green’s retirement appears muted. This is likely due to two primary factors: the well-planned transition and Annaly's strong recent performance. The company’s stock (NLY) has performed exceptionally well, posting gains of over 40% year-to-date. Furthermore, Annaly reported third-quarter 2025 earnings that surpassed analyst expectations for both earnings per share and revenue, and it recently declared a healthy cash dividend for the fourth quarter.

This positive financial backdrop provides a stable environment for the leadership change. According to one corporate governance analyst, the planned nature of the retirement, complete with a formal advisory period, is viewed as a neutral event. It signals proactive succession planning rather than an abrupt or unexpected departure, which tends to reassure investors.

Looking ahead, the key document for investors and analysts will be Annaly's next proxy statement (DEF 14A), expected in early 2026. This filing will provide the first official details on the new leadership structure, the appointment of new officers, and any potential restructuring of the legal, compliance, and corporate functions. How Annaly decides to organize these critical oversight areas in a post-Green era will offer significant insight into its strategic priorities and governance philosophy as it navigates the dynamic and heavily regulated mortgage finance industry.