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Exec Shakeup at Fannie

New CFO, chief business officer and chief risk officer named

August 27, 2008

By MortgageDaily.com staff


Fannie Mae has replaced three senior executives.

David C. Hisey was named chief financial officer, an announcement today from the Washington, D.C.-based company said. He will be responsible for ensuring the accuracy, integrity and timeliness of financial reporting and accounting as well as internal controls. He will also help implement a recently announced capital management plan.

Hisey replaces Stephen Swad, who is leaving Fannie to pursue other opportunities in private equity.

Peter Niculescu has assumed the duties of chief business officer. He replaces retiring Robert J. Levin.

Niculescu will oversee three business divisions: single-family mortgage guaranty, capital markets and housing and community development. He will also oversee the implementation of the capital management and credit-loss reduction plan.

Michael Shaw was named chief risk officer. He will have overall responsibility for credit, market, counterparty and operational risk oversight for all business and will oversee the formulation of risk policies as well as the measuring, reporting and monitoring of the government sponsored enterprise's risk profile.

Shaw replaces Enrico Dallavecchia, who has informed the company that he intends to leave the secondary lender to pursue other opportunities in finance and risk management.

The executive appointments were made to enable Fannie to execute its capital management and credit loss reduction plan.

"We are now putting a senior management structure in place to drive this plan across the company," President and Chief Executive Officer Daniel H. Mudd said in the statement. "This team will be responsible for meeting the dual objectives of conserving capital and controlling credit losses."

Mudd concluded, "As we move through the bottom of this cycle, maintaining capital, managing credit and driving revenues are the priorities -- and we have to organize and staff accordingly."

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