In addition to disclosing that it has appointed a new president, the Federal Home Loan Mortgage Corp. has revealed that its current chief executive officer will be leaving. The domino effect impacts its multifamily business.
Freddie Mac CEO Donald H. Layton has informed the company’s board of directors that he plans to
retire in the second half of next year, a news release Wednesday said.
Layton, 68, took on the CEO role in May 2012.
During his time at the helm, he “has played an indispensable role in transforming Freddie Mac,” Freddie Mac Chairman Christopher S. Lynch said in the statement.
Freddie’s board has implemented a CEO succession plan that will have it considering both internal and external candidates. It has formed a search committee and will retain an executive search firm to find outside candidates.
One internal candidate is Freddie’s executive vice president and head of multifamily, David Brinkman, who has now been promoted to president as he is considered for the CEO role.
“He is a natural leader who has built the multifamily business into the industry’s innovative market leader,” Lynch stated. “In addition, the board is confident that David’s broad business experience will help further the company’s competitiveness in all our businesses.”
Taking over Brinkman’s position as head of multifamily is Deborah Jenkins, who was promoted from senior vice president of the unit.
Before starting at McLean, Virginia-based Freddie in 2008, Jenkins spent seven years at Wells Fargo & Co.
“Debby’s appointment to head Freddie Mac multifamily is very well-deserved, based on her impressive management of the underwriting and credit functions and her instrumental role in the success of Freddie Mac’s multifamily business,” Lynch added.
