FHFA's DeMarco Announces Timothy J. Mayopoulos as Fannie Mae CEO

Fannie Mae has elevated one of its own intornthe role of president and chief executive officer.  The Fannie Mae boardrn of directors announcedrnthe appointment of Timothy J. Mayopoulos to replace Michael J. Williams effective June 18.  Williams had said last January he would bernstepping down when a successor was picked. rn</p

Mayopoulos,rnwho joined Fannie Mae three years ago, is currently executive vice president,rnchief administrative officer, and general counsel.  He has managed key corporate functionsrnincluding the business transformation program, human capital strategy,rncommunications and marketing, government and industry relations, and the legalrnfunction.  AsrnCEO, Mayopoulos will focus on ensuring that the company manages its legacyrnissues effectively, while driving the company’s contributions to a betterrnhousing finance system.  Fannie Mae saidrnthe new CEO’s promotion follows an extensivernsearch involving internal and external candidates.</p

The outgoing president said, “Wernhave successfully completed the first phase of conservatorship and I am proudrnof our employees and what we have accomplished together.  I know that I amrnleaving Fannie Mae in very capable hands with Tim as CEO.   AsrnFannie Mae transitions to the next phase of conservatorship, Tim will be arnchampion of our dedicated employees, continue the company’s progress, and helprnto create a stronger housing finance system.”</p

Prior to joining the governmentrnsponsored enterprise Mayopoulos, 53, was executive vice president and general counselrnat Bank of America and previously served in senior management roles at DeutschernBank, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette.  He is a graduate of Cornell University andrnthe New York University School of Law. </p

 “I am honored with this extraordinaryrnopportunity to lead Fannie Mae during this critical period,” saidrnMayopoulos.  “We have a responsibility to return value to taxpayers and torncontribute our expertise and experience to building a more effective and stablernhousing finance system for the future.  Our nation needs and deserves arnbetter system to support sustainable homeownership.  Delivering on ourrnresponsibilities is a team effort, and I will maintain a sharp focus onrnattracting, developing, and retaining terrific people at all levels of therncompany.  Together, I am confident that we have what it takes to achievernour priorities.”</p

Edward J.rnDeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) whichrnserves as conservator of Fannie Mae said he was pleased by the appointment.  “Tim brings a breadth of knowledge and experiencernin housing finance and financial services that is vital at this important timernfor Fannie Mae and the nation’s housing finance system. I look forward tornworking with him on the next phase of the conservatorship and the efforts torntransition beyond.”  DeMarco also thankedrnWilliams for his leadership at Fannie Mae.

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