Federal Housing Finance Authority (FHFA) Director James B. Lockhart has appointed new nonexecutive chairmen of the boards of directors of Fannie Mae and Freddie Mac.
John A. Koskinen has agreed to serve as the nonexecutive chairman of Freddie Mac. Philip A. Laskawy will serve as the nonexecutive chairman of Fannie Mae. FHFA says it directed new boards to be formed for both Fannie Mae and Freddie Mac to ensure solid leadership and good corporate governance.
Koskinen has extensive public and private sector experience. He worked at Palmieri Co. for many years, including serving as president and CEO from 1979 to 1993. There, he participated in the restructuring and turnarounds of many companies – including the Penn Central Transportation Co. and Mutual Benefit, the largest insurance company in history to fail.
Most recently, Koskinen served as president of the U.S. Soccer Foundation. Prior to that, he served as deputy mayor and city administrator of the District of Columbia, where he was responsible for the operation of all city departments.
Laskawy also has extensive corporate management and board experience. He served as chairman and CEO of Ernst & Young from 1994 until September 2001. He joined the firm in 1961 and became a firm partner in 1971, and by 1981 was the managing partner of the New York office.
In 1985, Laskawy was named both vice chairman and managing partner of the New York region and a member of the firm's management committee.
Source: Federal Housing Finance Authority