Timothy J. Mayopoulos is stepping down as CEO of government-sponsored enterprise Fannie Mae by the end of the year, the company announced Monday.
David Benson has been appointed as president, effective Aug. 6 and the company’s board has begun its search for a new CEO.
Benson currently serves as the company’s executive vice president and chief financial officer, a position he has held for the past five years.
In addition, Celeste Brown has been promoted to executive vice president and chief financial officer. Her appointment is also effective Aug. 6.
Mayopoulos will remain CEO until his departure, and will work closely with the board of directors to ensure a smooth transition and succession, the company says in a release.
Prior to becoming EVP and CFO, Benson was previously head of capital markets, securitization, and corporate strategy for Fannie Mae, after having been the corporate treasurer.
Prior to joining Fannie Mae in 2002, Benson was a managing director in the fixed-income division of Merrill Lynch & Co.
During his 14-year tenure at Merrill Lynch, he held leadership positions in risk management, fixed-income and currency trading, debt syndication, and e-commerce.
Brown joined Fannie Mae one year ago as senior vice president and deputy chief financial officer. She is a seasoned finance and business executive who had an 18-year career at Morgan Stanley.
After 11 years as an equity research analyst, including coverage of financial institutions, Brown moved into enterprise level management positions of increasing responsibility at Morgan Stanley, including head of investor relations, before being named global treasurer.
