Chimera Investment Corporation announced leadership changes intended to strengthen the Company's performance, and position the Company to navigate changing market dynamics. illip J J. Kardis II, has been appointed Chief Executive Officer, effective immediately. Mr. Kardis succeeds Chief Executive Officer, Chief Investment Officer and Director Mohit Marria, who has stepped down from the Company and the Board, effective immediately.

As CEO, Mr. Kardis will focus on all aspects of business oversight, operations, strategic planning, policies and transactions and will work closely and collaboratively with Mr. Yarlagadda and Mr. Thakkar as they focus on setting and implementing the Company's investment strategy. Phillip J. Kardis II now serves as Chimera's Chief Executive Officer and as a member of the Board of Directors. He previously served as the Company's Chief Legal Officer and Secretary since 2015.

Mr. Kardis has been actively involved in leadership of Chimera, its operations, and its strategic initiatives since its founding in 2007, and has played a key role in structuring Chimera's securitization, financing and investment transactions. Mr. Kardis has been immersed in all aspects of the Company's strategic planning, policies and transactions, including serving on the Valuation Committee and Investment Committee. Mr. Kardis has recognized expertise in mortgage REITs and structured transactions.

He first served as the Company's IPO and primary outside corporate and transactional counsel, and since 2015 as its Chief Legal Officer and Secretary. Prior to joining Chimera as Chief Legal Officer in September 2015, Mr. Kardis was a partner with the law firm of K&L Gates LLP where he represented mortgage REITs and other companies and funds that acquire, originate, service and finance residential mortgage loans, mortgage servicing rights and mortgage-backed securities. Prior to joining K&L Gates LLP in 2004, Mr. Kardis practiced corporate and securities law at several law firms. In addition, Mr. Kardis has held positions at the U.S. Department of Commerce, Rockwell International, the U.S. Senate Committee on the Budget and Analytic Services Inc. Mr. Kardis has two BA degrees from George Washington University, an MA from George Washington University, an MA from George Mason University, and a JD from the Georgetown University Law Center.