Michael T. Hutchins will serve as the interim CEO for Freddie Mac as the company continues its search for a permanent CEO.
Hutchins also will become a member of Freddie Mac’s board of directors.
Hutchins was named president of Freddie Mac in 2020 and is a member of the company’s senior operating committee. He will continue serving as president and has taken on the role of interim CEO and board member following the previously announced departure of CEO Michael J. DeVito, who stepped down on March 15.
In a release, Lance Drummond, non-executive chair of Freddie Mac’s board of directors, says Hutchins “is a proven leader who brings a deep understanding of every aspect of Freddie Mac to the role of interim CEO.”
“In addition to his knowledge of Freddie Mac, Mike’s decades of experience in housing and financial services is invaluable as the company navigates a challenging market to Make Home Possible for borrowers and renters across the nation,” Drummond says.
Hutchins has worked in the financial services industry for over 30 years. He began his career at Freddie Mac in 2013, serving as senior vice president and then executive vice president of investments and capital markets.
In 2020, he was named president of Freddie Mac, overseeing the company’s single-family, multifamily, investments and capital markets and enterprise operations and technology divisions.
Previously, Hutchins was co-founder and CEO of PrinceRidge and held senior positions at UBS and Salomon Brothers.
“I thank Mike for stepping up to lead the company as we continue a thorough search for a permanent CEO,” Drummond adds. “I also want to thank outgoing CEO Michael DeVito for his commitment to Freddie Mac’s mission, and we wish him well in his next chapter.”