Capstead Mortgage Corporation (NYSE: CMO) announced today that at its
annual meeting of the board of directors Jack Biegler, a member of the
board since 2005, was appointed to succeed Paul M. Low as Chairman of
the Board effective immediately. Mr. Low will remain on the board as
Chairman Emeritus.
Commenting on Mr. Low’s service to Capstead, Andrew F. Jacobs, President
and Chief Executive Officer, said “Paul’s legacy at Capstead is
unsurpassed. He was a founding member of our board of directors in 1985
and has been serving as our Chairman since 2003. We value the many
contributions he has made to Capstead over the years, and we look
forward to his continued service and support as Chairman Emeritus.”
Commenting on Mr. Biegler as the incoming Chairman, Mr. Jacobs added “We
have benefited tremendously from Jack’s experience and expertise since
his joining the board in 2005. I am confident he will bring the skills,
energy and commitment necessary to fulfill his role as Chairman and am
looking forward to working closely with him in future years.”
Mr. Biegler remarked, “It is a privilege to have the opportunity to
serve as Chairman of Capstead. Capstead has been a leader in the
mortgage industry for over two decades and is fortunate to have a highly
experienced management team and an engaged board of directors. I hold a
deep respect for Paul and his commitment to Capstead over the years and
am honored to follow him as Chairman. As Chairman, I will remain
committed to working in the best interests of all shareholders.”
About Capstead
Capstead Mortgage Corporation, formed in 1985 and based in Dallas,
Texas, is a self-managed real estate investment trust for federal income
tax purposes. Capstead’s core investment strategy is managing a
leveraged portfolio of residential mortgage pass-through securities
consisting almost exclusively of adjustable-rate mortgage securities
issued and guaranteed by government-sponsored entities, either Fannie
Mae or Freddie Mac, or by an agency of the federal government, Ginnie
Mae. Agency-guaranteed residential mortgage securities carry an implied
AAA credit rating with limited, if any, credit risk.
Capstead Mortgage Corporation
Investor Relations, 214-874-2354
