Real estate and financial services industry veteran Diana Reid is the new CEO of Freddie Mac, effective immediately.
Reid also will serve as a member of Freddie Mac’s board of directors.
President and interim CEO Michael Hutchins will continue as the company’s president.
Reid has more than four decades of banking, real estate, capital markets and affordable housing experience, most recently serving as an independent director and advisor to several organizations.
She spent nearly 12 years leading PNC Financial Services Group Inc.’s real estate business division through the financial crisis and on to a period of significant growth.
“I am pleased to announce that Freddie Mac’s Board of Directors concluded its comprehensive search and selected Diana Reid as the company’s next CEO,” says Lance Drummond, non-executive chair of Freddie Mac’s board of directors. “Diana’s proven track record and vast experience in housing finance, real estate and capital markets make her an excellent choice to further Freddie Mac’s mission-driven work. I have the utmost confidence that she is the right person to take Freddie Mac into the future.”
Drummond adds, “On behalf of the board, I thank Mike Hutchins for his leadership as interim CEO, which provided necessary stability and continuity for Freddie Mac’s important work. We are delighted to benefit from his continued leadership as the company’s president.”
Prior to her executive role at PNC, Reid founded Beekman Advisors, where she provided real estate finance company owners, CEOs and boards strategic advice and M&A execution.
She spent nearly 20 years at the investment bank formerly known as Credit Suisse First Boston in Mortgage Trading, Debt Capital Markets, and Financial Institutions Advisory.
“It is an honor to join Freddie Mac and lead the company as it carries out its vital role in the housing finance market,” Reid says. “I look forward to working with the board, management and my colleagues at Freddie Mac to continue and expand the company’s contributions in providing liquidity, stability and affordability for housing in communities across the country, and to ensure the company’s safety and soundness for the next generation.”