The chief executive officer of the Federal National Mortgage Association is leaving. In addition, the government-controlled enterprise is filling two other C-Suites.
Mortgage Daily erroneously reported the status and dates of Mayopoulos’ employment with Bank of America Corp. in the original story. The story has been corrected below.
When Timothy J. Mayopoulos joined Fannie Mae in 2009, he had recently been fired by Bank of America Corp. after he called for the bank to disclose losses from the acquisition of Merrill Lynch & Co.
He was named president and CEO of the Washington-based government-sponsored enterprise in 2012.
As Fannie’s CEO, he is severely underpaid — earning just $648,000 last year running a company that has a $3.2 trillion book of business. In comparison, JPMorgan Chase & Co. CEO Jamie Dimon earned $29.5 million last year for running a company with $2.6 trillion in assets.
On Monday, Washington-based Fannie, which has been operating in conservatorship since the 2008 financial crisis, announced Mayopoulos will step down as CEO by the end of the year.
“Tim has been an innovative and truly transformational leader, and I want to thank him for his continued service,” Fannie Mae Chairman Egbert L.J. Perry said in the statement. “During Tim’s tenure as CEO, Fannie Mae has been profitable on an annual basis, paid the Treasury approximately $167 billion in dividends, and reduced risk to taxpayers.”
David Benson, a 16-year veteran of the Washington-based firm, has been appointed president of Fannie. He is being promoted from executive vice president and chief financial officer.
Taking over from Benson is Celeste Brown, who has been promoted to executive vice president and chief financial officer. She originally joined Fannie a year ago as senior vice president and deputy CFO.
Both Benson and Brown will begin their new assignments on Aug. 6.
Fannie’s board of directors is conducting a search for a new CEO.
