Two Harbors Investment Corp. Reports Multiple Executive Departures; Appoints New CFO

What Happened

• Two Harbors Investment Corp. (TWO) filed an 8-K reporting that five senior officers terminated employment effective September 4, 2026: William Dellal (VP, Chief Financial Officer), Nicholas Letica (VP, Chief Investment Officer), Rebecca Sandberg (VP, Chief Legal Officer, Secretary & Chief Compliance Officer), Robert Rush (VP, Chief Risk Officer), and Alecia Hanson (VP, Chief Administrative Officer). CEO William Greenberg will continue through October 2, 2026, when his employment is expected to terminate.
• Each departure (and Mr. Greenberg’s expected departure) is described as a “Qualifying Termination” during a “Change of Control Period” under TWO’s Severance Benefits Plan (as amended and restated Dec. 16, 2025); the officers have entered or will enter customary separation and release agreements reflecting severance and benefits under the Plan.
• TWO also appointed Madhur Agarwal, age 36, as its Chief Financial Officer effective September 4, 2026. Mr. Agarwal is currently CFO of CrossCountry Mortgage, LLC (CCM), TWO’s parent, and will continue in that role while serving as TWO’s principal financial officer.

Key Details

• Effective date of departures and CFO appointment: September 4, 2026. CEO expected separation date: October 2, 2026.
• Officers who terminated: William Dellal, Nicholas Letica, Rebecca Sandberg, Robert Rush, Alecia Hanson.
• New CFO: Madhur Agarwal — CFO of parent company CCM since 2021; MBA from Harvard Business School; will receive no compensation from TWO and his CCM compensation will not be changed in connection with this appointment.
• Severance treatment: Departures are treated as Qualifying Terminations during a Change of Control Period under TWO’s Severance Benefits Plan (amended Dec. 16, 2025); separation agreements include general releases and memorialize compensation/benefits consistent with the Plan.

Why It Matters

• Material leadership turnover: Multiple senior officers, including TWO’s prior CFO and key risk, legal, compliance, investment and administrative leaders, left effective Sept. 4, 2026, with the CEO expected to depart Oct. 2, 2026 — a major change in senior management that can affect operations, decision-making and investor confidence.
• Financial/reporting continuity: TWO appointed its parent company’s CFO as its principal financial officer; Mr. Agarwal’s concurrent role and lack of direct compensation from TWO are notable for governance and oversight considerations.
• Costs and obligations: The filing confirms severance and benefits will be provided under the company’s amended Severance Benefits Plan, and separation agreements include releases — items investors should watch for in future disclosures (e.g., amounts paid, interim management plans, and any further staffing updates).