Fannie Mae has elevated one of its own into the role of president and chief executive officer. The Fannie Mae board of directors announced the appointment of Timothy J. Mayopoulos to replace Michael J. Williams effective June 18. Williams had said last January he would be stepping down when a successor was picked.
Mayopoulos, who joined Fannie Mae three years ago, is currently executive vice president, chief administrative officer, and general counsel. He has managed key corporate functions including the business transformation program, human capital strategy, communications and marketing, government and industry relations, and the legal function. As CEO, Mayopoulos will focus on ensuring that the company manages its legacy issues effectively, while driving the company's contributions to a better housing finance system. Fannie Mae said the new CEO's promotion follows an extensive search involving internal and external candidates.
The outgoing president said, "We have successfully completed the first phase of conservatorship and I am proud of our employees and what we have accomplished together. I know that I am leaving Fannie Mae in very capable hands with Tim as CEO. As Fannie Mae transitions to the next phase of conservatorship, Tim will be a champion of our dedicated employees, continue the company's progress, and help to create a stronger housing finance system."
Prior to joining the government sponsored enterprise Mayopoulos, 53, was executive vice president and general counsel at Bank of America and previously served in senior management roles at Deutsche Bank, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette. He is a graduate of Cornell University and the New York University School of Law.
"I am honored with this extraordinary opportunity to lead Fannie Mae during this critical period," said Mayopoulos. "We have a responsibility to return value to taxpayers and to contribute our expertise and experience to building a more effective and stable housing finance system for the future. Our nation needs and deserves a better system to support sustainable homeownership. Delivering on our responsibilities is a team effort, and I will maintain a sharp focus on attracting, developing, and retaining terrific people at all levels of the company. Together, I am confident that we have what it takes to achieve our priorities."
Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) which serves as conservator of Fannie Mae said he was pleased by the appointment. "Tim brings a breadth of knowledge and experience in housing finance and financial services that is vital at this important time for Fannie Mae and the nation's housing finance system. I look forward to working with him on the next phase of the conservatorship and the efforts to transition beyond." DeMarco also thanked Williams for his leadership at Fannie Mae.