WASHINGTON, DC-Following an extensive internal and external vetting of candidates, Fannie Mae has decided to promote within to fill its CEO role. Its board of directors has appointed Timothy J. Mayopoulos, 53, as president and CEO of the GSE, effective June 18, 2012. Mayopoulos is currently the agency’s EVP, chief administrative officer and general counsel.
Prior to joining Fannie Mae in 2009, Mayopoulos was EVP and general counsel of Bank of America. Before that, he was managing director and general counsel, Americas, of Deutsche Bank. His CV includes similar roles at Credit Suisse First Boston and Donaldson, Lufkin & Jenrette as well.
Mayopoulos joined Fannie Mae as the agency was struggling with issues on its balance sheet and questions of how it would proceed under government conservatorship. In the past three years, he has been involved in such day-to-day activities as the GSE’s human resources strategies as well as communications and marketing; government and industry relations; and of course, its legal issues. According to Philip Laskawy, chairman of the board, Mayopoulos stabilized Fannie Mae and positioned it to return value to taxpayers.
Mayopoulos succeeds Michael J. Williams, who announced in January he would step down. His appointment follows fellow GSE Freddie Mac’s decision to tap Donald Layton, 62, the former CEO of E*Trade Financial Corp., as its CEO.
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