Dynex Capital Inc. (NYSE: DX), a Glen Allen, Virginia-headquartered real estate investment trust focused on residential and commercial mortgage-backed securities, has promoted Michael Sartori to chief financial officer (CFO).
Sartori succeeds Robert Colligan as CFO. According to Dynex, Colligan is departing “by mutual agreement” and his exit is “unrelated to the company’s financial reporting or controls.” He will remain in an advisory role through May 1.
Sartori joined the company as assistant controller in 2013 and served as head of capital markets and head of financial planning and analysis since 2019. Before joining Dynex, Sartori spent several years at Genworth, where he served in several accounting management roles with a focus on derivatives accounting. He spent his early career at Deloitte and Grant Thornton LLP.
“We are pleased to have an executive of Mike’s caliber step into the CFO role, as his foundation in accounting and corporate finance, paired with his capital markets expertise and track record of success at Dynex, makes him uniquely suited for this position,” said Smriti Laxman Popenoe, co-CEO and president. “Since joining the Company more than ten years ago, Mike has become a trusted and respected leader both internally and with our external partners. He has played a key role in accelerating Dynex’s growth trajectory and raising significant equity capital in a rapidly changing business environment. Mike demonstrates the performance-first mentality and commitment to ethical stewardship that is at the core of our decision making, and I’m confident that with him in the CFO seat, Dynex will maintain our momentum and continue to raise and deploy capital to deliver durable long-term value for our shareholders.”
