NEW YORK (AP) -- Annaly Capital Management Inc. said Wednesday that it appointed Wellington Denahan-Norris co-CEO to allow the company's chairman and CEO Michael A.J. Farrell to focus on his treatment for cancer.
Annaly is a real estate investment trust that manages assets for institutions and individuals worldwide.
"Since Mike and I co-founded Annaly, we have always shared responsibility for managing the company," Denahan-Norris, the company's vice chairman, said in a statement. "At this time, Mike has decided to devote all his time and energy to his treatment. We respect his decision, and will continue to support him."
Annaly also appointed senior executives Kevin G. Keyes and James P. Fortescue as the company's president and chief operating officer, respectively.
Shares of Annaly fell 24 cents to close at $16.17.