John Schaefer, a 30-year veteran of the financial services industry, is joining Annaly Capital Management’s board.
Schaefer most recently, between 2008 and 2012, served as a board member and chair of the audit committee at USI Holdings Corp., a distributor of property and casualty and employee benefits products.
Prior to that, between 1998 and 2005 he served as a member of Morgan Stanley’s management committee as president and chief operating office of the global wealth management division of Morgan Stanley.
Annaly, which trades publicly under the ticker symbol NLY, also this week commenced a previously proposed offer for CreXus Investment Corp. shares.
The company offered to purchase all the shares of CreXus that it does not already own for a price per share of $13 per share ”plus a sum approximating a prorated portion of the dividend the tendering stockholder would have received with regard to the quarter during which the offer expires.” Under the terms of the offer, this would be paid in cash net to the seller, but subject to any required withholding tax.
The offer will expire at 5 p.m. Eastern Time on April 16 unless it is extended.