With effect from March 6, 2024, Andrew Gray and Alexander Crawford have been appointed as independent directors by Dynex Capital, Inc.’s board of directors, the company announced today. The appointments of Mr. Crawford to the Audit Committee, Compensation Committee, Strategy Committee, and Investment Committee are in addition to those of Mr. Gray to the Audit Committee, Compensation Committee, and Investment Committee. The Company’s strong commitment to ongoing director refreshment is reflected in today’s statement.
Additionally, the Board stated that Robert Salcetti, a member of the Board since 2013, and Michael Hughes, a member since 2010, will be leaving the Board on March 11, 2024. After Mr. Gray and Mr. Crawford are appointed, the Board will consist of six directors, four of whom are independent.
Byron Boston, CEO and Chairman of the Board, stated that Dynex’s Board of Directors and management team are thrilled to have Andrew and Alec join the group, and they are certain that their additions will enhance and broaden the range of experiences, backgrounds, and skill sets on the board. They are seasoned professionals with decades of expertise in risk management and financial services, and we are excited to collaborate with them to assist the ongoing creation and implementation of our operational and growth strategy in a macroeconomic climate that is becoming more and more complex. We will be able to better serve our shareholders in the future thanks in part to Alec’s extensive understanding of utilizing technology and artificial intelligence in the financial services industry and Andrew’s proven track record of advising firm leadership teams on business strategy and regulatory compliance.
Mr. Boston continued, He also wants to thank Messrs. Hughes and Salcetti for their years of service and valuable contributions to our company on behalf of the entire Dynex team. Their assistance has been crucial to the company’s capacity to adjust to changes in the market and produce returns that lead the industry.
Mr. Gray has over thirty years of experience leading teams in the financial services sector in the areas of strategy, technology, risk, finance, and business and profit and loss management. Mr. Gray most recently held the position of Group Chief Risk Officer at Depository Trust and Clearing Corporation, where he oversaw the radical transformation of the risk function and spearheaded noteworthy advancements in the capabilities related to market, liquidity, credit, and non-financial risk, such as data management, cybersecurity, business continuity, and operational risk. Leading the company’s main operations in asset services, transaction processing, settlement, and clearing, he began working with DTCC in 2009. He chaired subsidiary boards and served on them during his time at DTCC. Before, Mr. Gray worked with Merrill Lynch for more than ten years in a variety of international positions in technology, strategy, finance, and business management. He started his professional career as a consultant team leader at Booz Allen & Hamilton, where he oversaw global financial services clients. At present, Mr. Gray holds the position of Executive Advisor at MyNextSeason and is a member of the Global Association of Risk Professionals Board of Trustees. He graduated with a Bachelor of Science in Mechanical Engineering from the Massachusetts Institute of Technology and a Master of Government Administration from the University of Pennsylvania.
At some of the biggest and most reputable financial firms in the world, such as Goldman Sachs and Morgan Stanley, Mr. Crawford has over 30 years of expertise in financial research, investment, risk management, and technology management. He is currently a Limited Partner at Lord, Abbett, where he retired in 2022 as a Partner and Chief Investment Risk Officer. Over the course of his career, he assisted in pioneering and then heavily concentrated on mortgage backed securities (MBS). Several publications, notably Frank Fabozzi’s Handbook of Fixed Income Securities, have featured his MBS research. He established a governance, risk, compliance, and cybersecurity platform for enterprises to leverage artificial intelligence as the founder and CEO of Artificial Intelligence Risk, Inc. Alec has authored numerous articles on the subject and is a thought leader in the field of making AI safe, ethical, and effective. Alec completed his undergraduate thesis at Harvard University, where he developed neural networks and AI expert systems, earning him a B.S. in computer science.
Through the diversified financing of real estate assets in the US, Dynex Capital, Inc., a financial services company dedicated to the ethical stewardship of stakeholders’ capital, generates dividend income and long-term total returns. It does this by using comprehensive risk management and disciplined capital allocation. In order to enhance stakeholder alignment, Dynex is internally managed and functions as a REIT.
