JR Herlihy to Become Chief Financial Officer; Christopher Smernoff
to Become Chief Accounting Officer
OLD GREENWICH, Conn.--(BUSINESS WIRE)--Dec. 14, 2017--
Ellington Financial LLC (NYSE: EFC) ("Ellington Financial" or the
"Company") today announced that Lisa Mumford, the Company’s Chief
Financial Officer (“CFO”), is expected to retire from her position with
the Company on or about March 30, 2018. Upon Ms. Mumford’s retirement,
JR Herlihy, the Company’s Treasurer, will assume the role of CFO, and
Christopher Smernoff, the Company’s Controller, will become Chief
Accounting Officer (“CAO”).
Ms. Mumford has served as the Company’s CFO since October 2009. We
expect, subject to the negotiation of a definitive agreement, to enter
into a Retirement Agreement with Ms. Mumford, pursuant to which her
deferred compensation will continue to vest according to schedule and
she will make herself available to provide reasonable assistance to the
Company during such vesting period.
“Lisa has been an integral part of EFC since before its IPO, and her
superior talent, work ethic, and leadership have contributed greatly to
the Company’s success,” said Laurence Penn, Chief Executive Officer of
the Company. “JR’s experience as Treasurer of EFC, his tenure as Interim
CFO of Ellington Housing Inc., and his considerable investment expertise
in the real estate industry make him the right choice to succeed Lisa as
CFO. Additionally, Chris has been Lisa’s second-in-command for many
years, and will make an excellent CAO. He has been EFC’s Controller
since before its IPO, and we expect that his technical skills and deep
institutional knowledge will provide for a seamless transition. We have
a deep bench at Ellington, and EFC is fortunate to be able to tap JR and
Chris for these important positions.”
Ms. Mumford added, “I am very proud of what we have accomplished during
my tenure. Having worked closely with JR and Chris, I can say with
confidence that the Company’s finance and accounting functions will be
in excellent hands.”
Mr. Penn concluded, “We are very pleased that Lisa will assist with a
transition of the CFO role to JR and the CAO role to Chris, and will
continue to make herself available to the EFC team, allowing us to
continue to tap into her expertise, judgment, and knowledge of the
Company. We thank Lisa for her dedication and wish her the very best in
the years ahead.”
Mr. Herlihy, 36, joined Ellington Management Group L.L.C. (“Ellington”)
in April 2011 and has been the Company’s Treasurer since May 2017. In
addition, Mr. Herlihy has been the Treasurer of Ellington’s other public
company affiliate, Ellington Residential Mortgage REIT (NYSE: EARN),
since May 2017. Mr. Herlihy is also a Director at Ellington, where he
has served in various capacities, including serving as Co-Chief
Investment Officer of the Company’s former affiliate, Ellington Housing
Inc. (“EHR”), a real estate investment trust that was focused on single-
and multi-family residential real estate assets, from EHR’s inception in
September 2012 through December 2016. Mr. Herlihy also served as EHR’s
Interim Chief Financial Officer from March 2015 through January 2016.
Prior to April 2011, Mr. Herlihy held various positions in the real
estate industry, including at the real estate private equity firm GTIS
Partners LP, Capmark Financial Group (formerly GMAC Commercial
Mortgage), and Jones Lang LaSalle. Mr. Herlihy earned a B.A. in
Economics and History from Dartmouth College, summa cum laude and
Phi Beta Kappa.
Mr. Smernoff, 41, joined Ellington in January 2007 and has been the
Company’s Controller since February 2010. As the Company’s Controller,
Mr. Smernoff is responsible for managing all aspects of the finance and
accounting operations of the Company. In addition, Mr. Smernoff has
served since April 2013 as the Controller of Ellington Residential
Mortgage REIT (NYSE: EARN). From January 2007 through February 2010, Mr.
Smernoff was an Assistant Controller for various private entities
managed by Ellington. Prior to January 2007, Mr. Smernoff was employed
as a manager in the assurance practice of PricewaterhouseCoopers LLP,
where he was primarily focused on providing audit and accounting
services to a variety of clients in the investment management industry.
Mr. Smernoff is a member of the American Institute of Certified Public
Accountants and holds a B.S. in Accounting and Finance from Boston
College.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
numerous risks and uncertainties. Our actual results may differ from our
beliefs, expectations, estimates, and projections and, consequently, you
should not rely on these forward-looking statements as predictions of
future events. Forward-looking statements are not historical in nature
and can be identified by words such as "anticipate," "estimate," "will,"
"should," "may," "expect," "project," "believe," "intend," "seek,"
"plan" and similar expressions or their negative forms, or by references
to strategy, plans, or intentions. The Company's results can fluctuate
from month to month depending on a variety of factors, some of which are
beyond the Company's control and/or are difficult to predict, including,
without limitation, changes in interest rates, changes in mortgage
default rates and prepayment rates, and other changes in market
conditions and economic trends. Furthermore, forward-looking statements
are subject to risks and uncertainties, including, among other things,
those described under Item 1A of our Annual Report on Form 10-K filed on
March 16, 2017, which can be accessed through the link to our SEC
filings under "For Our Shareholders" on our website (www.ellingtonfinancial.com)
or at the SEC's website (www.sec.gov).
Other risks, uncertainties, and factors that could cause actual results
to differ materially from those projected may be described from time to
time in reports we file with the SEC, including reports on Forms 10-Q,
10-K and 8-K. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
About Ellington Financial LLC
Ellington Financial LLC is a specialty finance company that primarily
acquires and manages mortgage-related and consumer-related assets,
including residential mortgage-backed securities, residential and
commercial mortgage loans, consumer loans and asset-backed securities
backed by consumer loans, commercial mortgage-backed securities, real
property, and mortgage-related derivatives. The Company also invests in
corporate debt and equity, including distressed debt, collateralized
loan obligations, non-mortgage-related derivatives, and other financial
assets, including private debt and equity investments in
mortgage-related entities. Ellington Financial LLC is externally managed
and advised by Ellington Financial Management LLC, an affiliate of
Ellington Management Group, L.L.C.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171214006028/en/
Source: Ellington Financial LLC
Investor Contact: Maria Cozine, Vice President of Investor Relations,
Ellington Financial LLC, (203) 409-3575 or info@ellingtonfinancial.com;
Media
Contact: Amanda Klein or Kevin FitzGerald, Gasthalter & Co., for
Ellington Financial LLC, (212) 257-4170 or Ellington@gasthalter.com.