Mortgage giant ""Fannie Mae"":http://www.fanniemae.com/portal/index.html announced Tuesday that old hand ""Timothy Mayopoulos"":http://www.fanniemae.com/portal/about-us/company-overview/leadership/mayopoulos.html will take over as president and CEO in mid-June.
[IMAGE]The new chief executive joined Fannie three years ago to serve as EVP, chief administrative officer, and general counsel. He assumes his new role as outgoing CEO Michael Williams takes leave.
""Our thorough and thoughtful evaluation of qualified and interested candidates focused on a singular goal ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô to secure the best leader for Fannie Mae,"" ""Philip Laskawy"":http://www.fanniemae.com/portal/about-us/governance/bd-laskawy.html, chairman of the board, said in a statement. ""We achieved our goal by selecting Tim.""
He billed Mayopoulous as ""an experienced and effective leader"" with a ""deep understanding of the unique challenges Fannie Mae
[COLUMN_BREAK]is facing and his effective working relationships"" with management, board members, and external partners.
""I am honored with this extraordinary opportunity to lead Fannie Mae during this critical period,"" added Mayopoulos. ""We have a responsibility to return value to taxpayers and to contribute our expertise and experience to building a more effective and stable housing finance system for the future.""
Before joining Fannie Mae, Mayopolous served as EVP and general counsel of Bank of America. He also functioned in senior management roles at Deutsche Bank, Credit Suisse First Boston, and Donaldson, Lufkin & Jenrette, Inc. He holds a bachelor's degree from Cornell University and a juris doctor from New York University.
The new CEO takes the reins at a time of transition for the government-backed company. The GSE passed on a draw from Treasury during the first quarter when it fielded a net income of $2.7 billion, a first for the company since it began taking losses and entered federal conservatorship in 2008.
He takes over from Williams, who announced his exit from the role earlier this year amid outcry over multimillion-dollar bonuses for senior-level executives with Fannie Mae and Freddie Mac.
Said Williams: ""We have successfully completed the first phase of conservatorship and I am proud of our employees and what we have accomplished together. I know that I am leaving Fannie Mae in very capable hands with Tim as CEO.""