Fannie Mae has promoted Timothy J. Mayopoulos to president and CEO, effective June 18. He will also become a member of the board of directors.
Mayopoulos, who currently serves as executive vice president, chief administrative officer and general counsel, leads key corporate functions and the company's business transformation program. He succeeds Michael J. Williams, who announced in January his decision to step down after serving since 2009.
‘Our thorough and thoughtful evaluation of qualified and interested candidates focused on a singular goal – to secure the best leader for Fannie Mae,’ says Philip Laskawy, Fannie Mae's chairman of the board. ‘We achieved our goal by selecting Tim. He is an experienced and effective leader on a remarkable management team that has stabilized the company and positioned Fannie Mae to return value to taxpayers in the years ahead.’
‘I am honored with this extraordinary opportunity to lead Fannie Mae during this critical period,’ Mayopoulos says. ‘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.’
Mayopoulos brings more than 25 years of experience to his new leadership post. Prior to joining Fannie Mae, he was executive vice president and general counsel of Bank of America Corp. Previously, he served in senior management roles at Deutsche Bank AG, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette Inc.