NEW YORK - Rithm Capital Corp. (NYSE:RITM) has announced the appointment of Ranjit Kripalani and William Addas as independent members of its Board of Directors, effective November 1, 2024. The addition of Kripalani and Addas aims to strengthen the board's expertise in financial services, corporate advisory, and strategic planning.
Kripalani, who will also chair the Mortgage and Regulatory Compliance Committee and serve on the Nominating and Corporate Governance Committee, brings a wealth of experience from his previous roles. He has served on the boards of Griffin Realty Trust, Inc. and Western Asset Management Capital Corp, and has held executive positions at CRT Capital Group LLC and Countrywide Financial Corporation.
Addas joins the Audit Committee and Compensation Committee of the board, contributing his extensive background in financial institutions. His career includes senior positions at BofA Securities, Inc., Deutsche Bank, and directorship at BGC Group. He has also practiced law and served on the board of Delta Financial Corp.
In conjunction with these appointments, Andrew Sloves will transition from his role as a director to become a Managing Director at Rithm Capital, where he will focus on developing the investment platform and join the investment committee, also effective November 1, 2024.
Michael Nierenberg, Chairman, CEO, and President of Rithm Capital, expressed enthusiasm about the new board members, stating that their experience will be invaluable as the company pursues growth and diversification strategies.
Rithm Capital, a global asset manager specializing in real estate, credit, and financial services, operates several wholly-owned businesses, including Sculptor Capital Management (NYSE:SCU), Newrez LLC, and Genesis Capital LLC. Since its inception in 2013, Rithm has paid out approximately $5.6 billion in dividends to shareholders.
This expansion of Rithm Capital's Board of Directors reflects the company's ongoing commitment to enhancing its governance and strategic capabilities. The information is based on a press release statement.
InvestingPro Insights
As Rithm Capital Corp. (NYSE:RITM) strengthens its Board of Directors with new appointments, it's worth examining some key financial metrics that shed light on the company's current position and potential.
According to InvestingPro data, Rithm Capital boasts a substantial market capitalization of $2.56 billion, indicating its significant presence in the asset management sector. The company's revenue for the last twelve months as of Q4 2024 stood at $791.48 million, with a modest growth of 4.81% over the same period. This growth aligns with the company's pursuit of expansion and diversification strategies mentioned in the article.
One of the most striking aspects of Rithm Capital's financial profile is its impressive dividend yield of 8.76%, which underscores the company's commitment to shareholder returns. This high yield is particularly noteworthy given the article's mention of approximately $5.6 billion in dividends paid out since inception. However, investors should note that there has been a dividend growth decline of 10.75% in the last twelve months, which may be a point of consideration for income-focused investors.
An InvestingPro Tip highlights that Rithm Capital's stock price has outperformed the S&P 500 in the past year, with a remarkable 57.98% price total return over the last 12 months. This performance suggests that the market has responded positively to the company's strategic moves and financial management.
Another InvestingPro Tip points out that analysts have recently revised their earnings expectations upwards for the company. This could be seen as a vote of confidence in Rithm Capital's future prospects, possibly influenced by the strategic board appointments and the company's focus on growth and diversification.
For readers interested in a deeper dive into Rithm Capital's financial health and prospects, InvestingPro offers additional tips and insights. In fact, there are 14 more InvestingPro Tips available for RITM, providing a comprehensive analysis for investors looking to make informed decisions.
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