Farrell is not stepping down...he is stepping away from daily operations so that he may dedicate full time attention to his cancer treatments. Did not say he was "stepping down".
He and W D-N have worked from the start on running NLY as defacto co-CEOs. Statement was official announcement of what has been going on for several weeks, I think.
Doing cancer treatments and thinking you can run a mREIT is folly, Farrell is just stating the obvious. He should be back once he is finished with treatments and has regained his strength.
Anybody who sold NLY on this news, does not truly understand the management structure of NLY. Short term non-event.