Armour Residential COO, CIO Mark Gruber to retire
ARMOUR Residential REIT announced that Mark R. Gruber has elected to retire from his role as the company's Chief Investment Officer and Chief Operating Officer, effective March 31. in order to pursue outside interests. Mr. Gruber will continue in his current positions through the first quarter of 2020 to ensure a smooth transition for the Company. ARMOUR's board of directors and management team thank Mr. Gruber for his significant contributions to the Company over the past ten years and wish him the best. Mr. Gruber's retirement is not related to any issues involving the Company's operations or policies or practices. Scott J. Ulm, the company's current Co-Chief Executive Officer, Co-Vice Chairman and Chief Risk Officer, and David B. Sayles, the Managing Director for Portfolio and Risk Analysis for ARMOUR Capital Management, the Company's external manager, will collectively assume the responsibilities of Chief Investment Officer, acting as Co-Chief Investment Officers, effective March 31, 2020. Jeffrey J. Zimmer, the Company's current Co-Chief Executive Officer, Co-Vice Chairman and President, will assume the responsibilities of Chief Operating Officer while the Company conducts a search for a permanent replacement. The transition of Mr. Zimmer to this position at the end of the first quarter of 2020 is contingent on the results of this search.