Western Asset Mortgage Capital Corp. (WMC) has announced that Gavin James will retire from his position as CEO of the company, which is externally managed by Western Asset Management Co., effective June 1, and that Jennifer Murphy will now serve as CEO.
“We are very grateful to Gavin James for leading WMC since its IPO in 2012,” says James W. Hirschmann, chairman of the board. “Gavin has been a valuable contributor, and he will be sorely missed. We congratulate him on his distinguished career and wish him all the best as he enters a new chapter in his life.”
Murphy was appointed CEO by WMC’s board of directors and will take over the role upon James’ departure. The board also plans to nominate her to become a member of the board in connection with the publication of WMC’s 2016 proxy statement.
“We are pleased to welcome Jennifer Murphy in her expanded role at Western Asset to become WMC’s new chief executive officer,” continued Hirschmann. “Jennifer has a strong track record in the investment management field and is well suited to lead WMC. Western Asset has already benefited from her talents and dedication as our chief operating officer and will reap new benefits from her service in this new role as chief executive officer of WMC.”
Murphy has 30 years of experience in the investment management industry. Prior to joining Western Asset in 2015, she served as chief administrative officer at Legg Mason Inc. She also served as CEO and president of its equity investment affiliate, Legg Mason Capital Management.