David C. Benson, president of Fannie Mae, and Jeffery Hayward, chief administrative officer, have announced their retirements, leading to leadership changes at the government-sponsored enterprise.
Benson is set to retire in early- to mid-2024, while Hayward has announced his intention to retire as of December 31.
Upon Benson’s departure, CEO Priscilla Almodovar, who joined the company last year, will assume the additional title of president. In this expanded capacity, she will directly manage the company’s two business units: Single-Family, led by Malloy Evans, and Multifamily, led by Michele Evans, executive vice president.
Terry Theologides, current general counsel, will succeed Hayward as chief administrative officer.
The company also announced that Danielle McCoy will become the new general counsel and corporate secretary. McCoy currently serves as senior vice president, deputy general counsel and deputy corporate secretary.
Benson has been with Fannie Mae for 21 years and has served in a wide range of positions, including interim CEO, chief financial officer, executive vice president – capital markets, and treasurer.
Hayward has been with the company for 36 years during which he also led the company’s multifamily business and its national servicing organization.
“We’re deeply grateful to both Dave and Jeff for their leadership and decades of service,” said Michael Heid, chair of Fannie Mae’s board of directors, in a release. “As they depart, we are implementing our succession plans and streamlining our leadership structure to continue advancing our strategy and our mission to serve homeowners, renters, and the housing market as a whole. The board is very pleased that Priscilla will take on this greater role, drawing on her wide-ranging experience and proven commitment to our mission.”
“I’m honored and I’m excited about the path forward,” says Almodovar. “Fannie Mae is well prepared for these transitions thanks to thoughtful succession planning and the strong leadership corps that Dave, Jeff, and others have helped develop through the years.
“Dave’s and Jeff’s achievements have left a lasting imprint on our company and our industry, and we are grateful for their leadership and contributions,” Almodovar adds. “Our bench of leaders is deep, and I look forward to continuing to grow our talent and working with Terry and Danielle in their new roles.”
Terry Theologides has been general counsel and corporate secretary for more than four years and previously served in senior roles at CoreLogic, Inc. and Morgan Stanley’s mortgage businesses.
As chief administrative officer he will be responsible for a broad range of Fannie Mae’s operations, including Economic & Strategic Research, the ESG team, Government & Industry Relations, Legal, and Marketing & Communications.
