ARMOUR Residential REIT, Inc. Announces Appointment of New Independent
Director and Chief Operating Officer
VERO BEACH, Fla., Aug. 27, 2013 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT,
Inc. (NYSE: ARR, ARR PrA and ARR PrB) (NYSE MKT: ARR.WS) ("ARMOUR" or the
"Company") today announced that the Board of Directors has appointed Ms.
Carolyn Downey as a new independent member of the Board of Directors of the
Company, effective September 3, 2013. Ms. Downey has also been appointed as a
member of the Nominating and Corporate Governance Committee, effective
September 3, 2013. With the appointment of Ms. Downey, the Company expects to
regain compliance with Section 303A.01 of the New York Stock Exchange Listed
Company Manual and Section 802(a) of the NYSE MKT LLC Company Guide, both
which require a majority of independent directors on the Company's Board of
The Board of Directors has further appointed Mr. Mark Gruber, Head of
Portfolio Management, to the additional post of Chief Operating Officer of the
Company, effective September 3, 2013.
Ms. Downey has over 25 years of institutional capital markets experience
working with leading institutions in global finance. From 1989 until 2007, Ms.
Downey was a Managing Director of RBS Greenwich Capital, a fixed income sales,
trading and finance firm serving institutional clients, and a U.S. Government
securities primary dealer. At RBS Greenwich Capital, Ms. Downey was
responsible for relationships with real-estate investment trusts, financial
institutions, hedge funds, investment managers and proprietary trading desks,
participated in structuring and distribution of net interest margin
securities, commercial mortgage securities and collateralized mortgage
obligations, and advised on hedging strategies using derivative products and
synthetic swaps. Prior to her time at RBS Greenwich Capital, Ms. Downey was a
Vice President of Fixed Income Sales at Salomon, Inc. from 1981 until 1989,
where she was for some time responsible for residual product placement and
other equity tranches of structured debt and sourcing residuals from mortgage
originators and security issuers. Ms. Downey also previously served as a
mortgage product specialist in London and a thrift specialist in New York. She
holds a B.A. degree from St. Mary's College in Sociology, a B.S. degree in
Accounting from Boston University and an M.B.A. from the Stanford University
Graduate School of Business. Ms. Downey serves on the Advisory Board of the
Patron's Program, Archdiocese of Manhattan, a partnership of patrons, the
Archdiocese and school leaders, and previously served as a member of the Board
of Directors of the Student Sponsor Partners.
Mr. Gruber is Head of Portfolio Management at ARMOUR Residential Management
LLC ("ARRM"), the external manager of the Company and JAVELIN Mortgage
Investment Corp., a publicly traded real-estate investment trust ("REIT") that
invests in and manages a leveraged portfolio of agency mortgage-backed
securities and non-agency mortgage-backed securities. From April 2008 until
joining ARRM in July 2010, Mr. Gruber managed a $1.1 billion mortgage
portfolio for Penn Mutual Life Insurance. From June 2005 to March 2008, Mr.
Gruber was Vice-President of Research and Trading at Bimini Capital
Management, Inc., a publicly traded REIT that managed $4 billion in agency
mortgage assets. Mr. Gruber previously worked for Lockheed Martin at the
Knolls Atomic Power Laboratory where he was an engineer for the Naval Nuclear
Propulsion Program. Mr. Gruber holds an M.B.A. with University Honors from the
Tepper School of Business at Carnegie Mellon, an M.S. degree in Mechanical and
Aerospace Engineering from the University of Virginia, and a B.S. degree in
Mechanical Engineering with High Honors from Lehigh University.
About ARMOUR Residential REIT, Inc.
ARMOUR is a Maryland corporation that invests primarily in hybrid adjustable
rate, adjustable rate and fixed rate residential mortgage-backed securities
issued or guaranteed by U.S. Government-sponsored entities. ARMOUR is
externally managed and advised by ARRM, an investment advisor registered with
the Securities and Exchange Commission ("SEC"). ARMOUR Residential REIT, Inc.
has elected to be taxed as a REIT for U.S. federal income tax purposes,
commencing with ARMOUR's taxable year ended December 31, 2009.
This press release includes "forward-looking statements" within the meaning of
the safe harbor provisions of the United States Private Securities Litigation
Reform Act of 1995. Actual results may differ from expectations, estimates and
projections and, consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as "expect,"
"estimate," "project," "budget," "forecast," "anticipate," "intend," "plan,"
"may," "will," "could," "should," "believes," "predicts," "potential,"
"continue," and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements involve
significant risks and uncertainties that could cause the actual results to
differ materially from the expected results, including those risks set forth
in the Company's Annual Report on Form 10-K for the year ended December 31,
2012 and in the Company's SEC filings.
Additional Information and Where to Find It
Investors, security holders and other interested persons may find additional
information regarding the Company at the SEC's Internet site at
http://www.sec.gov/, or the Company website www.armourreit.com or by directing
requests to: ARMOUR Residential REIT, Inc., 3001 Ocean Drive, Suite 201, Vero
Beach, Florida 32963, Attention: Investor Relations.
CONTACT: James R. Mountain
Chief Financial Officer
ARMOUR Residential REIT, Inc.
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