Joseph E. McAdams has been a director and Executive Vice President of the Company since June 2002 and Chief Investment Officer since January 2003. On July 15, 2016, he was appointed President of the Company by the independent members of the Board and was subsequently appointed Chief Executive officer effective September 30, 2018. Mr. McAdams joined the Company as a Vice President in June 1998. Mr. McAdams joined Pacific Income Advisers, Inc. (“PIA”) in 1998 and holds the position of Senior Vice President with a specialty in mortgage-backed securities. Prior to joining PIA, from 1993 to 1998, Mr. McAdams was employed by Donaldson, Lufkin & Jenrette Securities Corp. in New York as a mortgage-backed security trader and research analyst. Mr. McAdams holds a Master of Arts degree in Economics from the University of Chicago and a Bachelor of Science degree in Economics from the Wharton School of the University of Pennsylvania. Mr. McAdams is also a Chartered Financial Analyst charterholder.