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Fannie Mae Announces Leadership Changes

Fannie MaeFannie Mae recently announced that Manuel “Manolo” Sánchez Rodríguez has been elected to the Board of Directors. Mr. Sánchez served as Chairman and CEO of Compass Bank, Inc., a U.S. subsidiary of Banco Bilbao Vizcaya Argentaria, S.A., and is a banking, financial services, and technology expert. He joins a broadly experienced and diversely skilled Board that is focused on the company’s continued stability and mission to provide access to safe, affordable mortgage financing in the United States.

“We are extremely pleased to welcome Manolo to the Fannie Mae Board of Directors,” said Egbert L.J. Perry, Chairman of the Board. “We will benefit greatly from his vast banking and financial services experience, technology innovation track record, and deep business strategy expertise.”

“Manolo is another strong addition to our exceptional Board of Directors,” said Timothy J. Mayopoulos, CEO. “His extensive banking experience, financial services and technology expertise, and strong leadership qualities are a great complement to those of his peers on the Board. He will help guide us as we continue to deliver against our strategy, improve as a company, and look for ways to provide our customers the innovative tools and solutions they need to address the needs of both today’s and tomorrow’s homebuyers and renters.”

Mr. Sánchez has been appointed to the Strategic Initiatives & Technology Committee and the Nominating & Corporate Governance Committee.

This news comes as Fannie Mae announces the departure of Brian Brooks, EVP, General Counsel, and Corporate Secretary. Brooks will be leaving Fannie Mae on September 21, 2018 to join Coinbase, a digital currency exchange, as the company’s Chief Legal Officer.

“We are extremely grateful for Brian’s four years of strong leadership, insightful counsel, and critical contributions to Fannie Mae’s transformation, and we wish he were staying,” said Timothy J. Mayopoulos, CEO, Fannie Mae. “This is a loss for Fannie Mae, but also a great opportunity for Brian to pursue his longstanding interest in financial technologies and the FinTech community.  Fortunately, our company’s bench of legal talent is strong and deep. Stephen McElhennon will serve as interim leader of our legal functions while Fannie Mae conducts a search for a permanent replacement.”

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.

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