On March 1, 2016, as part of its ongoing succession planning, the Board of Directors of Dynex Capital Inc. approved the transition of Thomas B. Akin from employment with the company as Executive Chairman of the Board to the role of non-executive Chairman of the Board, effective as of the date of the company's 2016 annual meeting of shareholders. Mr. Akin assumed the role of Executive Chairman effective January 1, 2014 from his prior role as Chairman and Chief Executive Officer.