People: Ellington Residential Mortgage REIT (EARN.N)
9 Dec 2013
Mr. Laurence E. Penn is President, Chief Executive Officer, Trustee of Ellington Residential Mortgage REIT. Mr. Penn is a Vice Chairman and the Chief Operating Officer of Ellington. Mr. Penn is also the Executive Vice President of the Manager and serves on the Manager’s investment and risk management committee. Mr. Penn has been President and Chief Executive Officer since October 2012 and has served as a member of the Board of Trustees since inception. Mr. Penn also serves as Chief Executive Officer and President and as a member of the Board of Directors for Ellington Financial LLC. In Ellington’s earlier years, Mr. Penn was the senior portfolio manager primarily responsible for investments in Agency RMBS. Prior to joining Ellington in 1995 shortly after its inception, Mr. Penn was at Lehman Brothers where he was a Managing Director and co-head of CMO origination and trading. Mr. Penn specialized in the trading and risk-management of CMO derivatives. Prior to trading CMOs and CMO derivatives, Mr. Penn was in charge of Lehman Brothers’ structured transaction modeling group from 1987 to 1990, where he was responsible for the structuring, modeling and computer system design for MBS and ABS. Mr. Penn began his career at Lehman Brothers in 1984, after receiving a Master of Advanced Study in Mathematics from Cambridge University, where he studied as both a National Science Foundation and Winston Churchill Fellow. Mr. Penn graduated summa cum laude, Phi Beta Kappa with a B.A. in Mathematics from Harvard University.
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