On Sunday, October 21st, 2012, Annaly Capital (NYS: NLY) founder and former CEO passed away after battling cancer. His longtime associate, Wellington Denahan-Norris was appointed co-CEO earlier this month, prior to Farrell's death. Denahan-Norris also manages Chimera (NYS: CIM) and CreXus (NYS: CXS)
Farrell was a highly respected source of insight on the mortgage bond market and his comments on the quarterly Annaly calls, as well as his quarterly "insights" posts on Annaly's website, were closely watched. With Farrell at the helm, Annaly's stock has been a monster performer since its late-90s IPO. However, it does look like the company is being left in capable hands.
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Anand Chokkavelu, CFA has no positions in the stocks mentioned above. Fool contributor Matt Koppenheffer has no positions in the stocks mentioned above. The Motley Fool owns shares of Annaly Capital Management. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.