Page 54 - July-August 2018 GSE Report Flip Book

FANNIE MAE
JJUALN. U- ARUYG. 22001188
We are also working with new and different kinds of partners on innovations to make our communities more sustainable. And we are convening partners across the full spectrum of housing to address our nation’s most important housing challenges, such as the crisis in the supply of affordable housing. Behind all these efforts is our core commitment to creating new opportunities for homeowners and renters and to making housing finance stronger, safer, and more sustainable. (Press Release, Fannie Mae, 08/02/18; Fannie Mae Second Quarter 2018 Earnings Media Call Remarks, Fannie Mae, 08/02/18)
Fannie Mae announces new leadership structure
On July 23, Fannie Mae announced the appointment of David Benson as president, who
will report directly to the company’s CEO and manage the enterprise’s day-to-day business, including the execution of the company’s strategy. Benson has served as Fannie’s EVP and Chief Financial Officer for the past five years. Previously, he served as head of head of capital markets, securitization, and corporate strategy after having been the corporate treasurer. Before joining Fannie Mae in 2002, Benson was managing director in Merrill Lynch’s fixed-income division. During his 14-year tenure at Merrill, he held leadership positions in risk management, fixed income, currency trading, debt syndication, and e-commerce.
Fannie also announced the promotion of Celeste Brown to EVP and Chief Financial Officer. Both promotions were effective on August 6. Brown joined Fannie Mae a year ago as SVP and Deputy Chief Financial Officer. Previously, Brown had an 18-year career at Morgan Stanley, where she served as an equity research analyst for 11 years before moving to management positions at the enterprise level, including head of investor relations before being named global treasurer.
Fannie Mae’s CEO, Timothy J. Mayoloulos, announced he will step down from his position at yearend. In the interim, Mayoloulos will work closely with the Board of Directors to ensure a smooth transition and succession.
“I am grateful that we have an incredibly talented and experienced leadership team that is laying the foundation for a better, more innovative, safer, and more sustainable housing system for future generations,” said Egbert L.J. Perry, Fannie Mae’s chairman. “Tim has been an innovative and truly transformational leader, and I want to thank him for his continued service. 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. I am proud of what Fannie Mae has accomplished, and I have tremendous confidence in Tim, Dave, and the management team’s ability to continue to move the company and the housing system forward. ...I am pleased with the depth of our bench as demonstrated by Celeste Brown’s promotion. 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.” (Press Release, Fannie Mae, 08/23/18)
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