Fannie Mae chief to step down

by Ryan Smith24 Jul 2018

The CEO of Fannie Mae will step down by the end of the year, the GSE has announced.

CEO Timothy J. Mayopoulos will remain CEO until his departure, according to Fannie Mae. He will work with the board of directors to ensure a smooth transition.

Mayopoulos joined Fannie Mae in 2009 as executive vice president, general counsel and corporate secretary, and has been the company’s president and CEO and a member of the board since 2012. Prior to joining Fannie Mae, he served in senior roles at Deutsche Bank, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette.

“Tim has been an innovative and truly transformational leader, and I want to thank him for his continued service,” said Egbert J. Perry, chairman of Fannie Mae’s board of directors. “During Tim’s tenure as CEO, Fannie Mae has been profitable on an annual basis, paid the Treasury approximately $167 billion in dividends, and reduced risk to taxpayers.”

Fannie Mae has also announced the appointment of Dave Benson as president. In that role, Benson will manage the day-today business and operations of the company. Fannie has also promoted Celeste Brown to executive vice president and chief financial officer – the position previously held by Benson.

“Dave is a natural choice for the president position,” Perry said. “He is an excellent leader who has held a variety of senior positions in his 16 years at Fannie Mae. He has deep expertise in the company’s business, the mortgage market, and operations.”

Brown joined Fannie Mae a year ago as senior vice president and deputy chief financial officer following an 18-year career at Morgan Stanley.

“I am pleased with the depth of our bench as demonstrated by Celeste Brown’s promotion,” Perry said. “Celeste has made great contributions to our finance team since she joined Fannie Mae, and I am confident she will continue to move the company forward as the new CFO.”

 

Related stories:
Fannie Mae adds former Barclays group CEO to board
Fannie Mae posts $4.3bn net income in Q1

 

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