Glen Allen’s Dynex Capital names co-CEO

Glen Allen’s Dynex Capital has named Smriti Laxman Popenoe its co-CEO, the real estate investment trust announced in July. 

With more than three decades of experience in capital markets and investing, Popenoe will lead with Byron Boston, who remains chairman and co-CEO. Popenoe also will remain president and chief investment officer, as well as a member of Dynex’s board.

“This is a natural step, given the key role she has played in growing Dynex,” Boston said in a statement. 

In her new role, Popenoe will focus on the company’s operations and performance while continuing her duties as president and CIO. As president of Dynex, Popenoe is responsible for raising, deploying and managing the company’s capital. As CIO, she leads the team that oversees the company’s investment portfolio, associated hedges and financing arrangements. 

“Managing our company for the long term in this complex and dynamic global environment requires experience, continuity and collaboration,” said Julia Coronado, lead independent director of Dynex. “Smriti has demonstrated these qualities in abundance and has proven to be an exceptional leader working alongside Byron.”

Popenoe joined Dynex in 2014 as executive vice president and co-chief investment officer, according to her LinkedIn page. Her resume also includes senior roles at Wachovia and Freddie Mac. 

She also has a degree in chemistry and environmental science from St. Joseph’s College in Bangalore, India, a MBA from the University of Rochester and a master’s-level French diploma from the Alliance Française. 

She is a founding member of the Washington, D.C., chapter of Chief, an organization geared to senior female leaders. She also sits on the board of Industrial Indicators, a Maryland tools manufacturer. 

Boston has served as the company’s CEO since 2014. He joined the company in 2008 as executive vice president and chief investment officer, joined the board in 2012 and became chairman in 2023. He boasts an extensive background in U.S. real estate finance, asset management, investment banking and fixed-income capital markets. 

In addition, Dynex announced some other promotions:

• Rob Colligan, the company’s chief financial officer, will now be CFO and chief operating officer.
• Harman Sahni, who held senior technology roles at Rithm Capital and Annaly Capital, will be chief technology officer, reporting to Colligan.
• Robert Nilson, Dynex’s vice president of risk and compliance, was promoted to chief risk officer; Jeff Childress, vice president and controller since 2005, is now chief accounting officer; Rebecca Imhof, Dynex’s assistant controller since 2019, was promoted to controller.

Dynex, which generates dividend income and long-term total returns through the financing of real estate assets, reported $6.37 billion in total assets at the end of 2023, compared to about $3.61 billion in 2022.