Leadership Shakeup Underway for Freddie Mac

In a surprise move, the ""Federal Housing Finance Agency"":http://www.fhfa.gov/ (FHFA) announced a flurry of resignations for ""Freddie Mac"":http://www.freddiemac.com/ over this year and the next, with ""CEO Ed Haldeman"":http://www.freddiemac.com/bios/exec/haldeman.html, ""Chairman John Koskinen"":http://www.freddiemac.com/governance/bios/koskinen.html, and several other board members set to step down.

Other resigning officers include ""Laurence Hirsch"":http://www.freddiemac.com/governance/bios/hirsch.html, a board member who will not seek re-election, and ""Robert Glauber"":http://www.freddiemac.com/governance/bios/glauber.html, chairman of the GSE's nomination and governance committee.

The biggest news came with Haldeman's decision to leave Freddie, which the FHFA referenced toward the end of a ""statement"":http://www.fhfa.gov/webfiles/22735/FRECH102611.pdf largely devoted to Koskinen and Glauber.

The chief executive had previously notified the board of his intentions to resign as soon as Freddie's directors cobble together a succession plan that it will begin ""shortly,"" according to the statement. There is no deadline for the succession plan.

""Ed Haldeman has brought strong leadership to Freddie Mac,"" FHFA ""Acting Director Edward DeMarco"":http://www.fhfa.gov/Default.aspx?Page=67 said in the statement. ""I appreciate his commitment to leadership stability during the upcoming transition.""

Haldeman played an instrumental role in the history of the mortgage company, stepping into his role as CEO when the GSE transitioned into conservatorship at the height of the financial crisis.

""_The Washington Post_"":http://www.washingtonpost.com/business/within-year-mortgage-firms-chief-executive-chairman-and-2-board-members-will-be-out/2011/10/26/gIQAt2dkJM_story.html reported that he grasped the reins immediately following the resignation of then-CEO David Moffett and the then-CFO's suicide.

The departure is likely to carry some heft in the markets, given the GSE's role as a guarantor and owner of some $11 trillion in federally insured mortgages it shares with ""Fannie Mae"":http://www.fanniemae.com/portal/index.html.

The chief regulator announced the other resignations, namely those for Koskinen and Glauber, as ones in line with corporate governance guidelines that mandate retirement for officers of a certain age.

""John Koskinen and Robert Glauber have provided outstanding service to Freddie Mac and the country in their roles on the Freddie Mac board during this time of conservatorship,"" DeMarco added.

He portrayed the legacies left behind by Koskinen and Glauber as ones reflective of ""a long record of public service and accomplishment"" during Freddie's time of transition.

Without referencing the others, he said that ""Christopher Lynch"":http://www.freddiemac.com/governance/bios/lynch.html, who heads up the GSE's audit committee, will take the reins from Koskinen as Freddie's new chairman come December.

Freddie Mac said in a ""separate statement"":http://freddiemac.mediaroom.com/index.php?s=12329&item=74461 that Hirsch cited personal and professional obligations for reasons why he will not seek re-election to the GSE's board.

Like Haldeman, the retiring director joined Freddie Mac at the height of the financial crisis, and leaves at a time when lawmakers and policymakers continue to float proposals about how best the federal government should wean the GSEs off taxpayer dollars.

Without referencing his own leave-taking, Koskinen said in the statement that ""Larry has been an invaluable resource on Freddie Mac's board of directors at a time when the company is playing a vital role providing liquidity and stability to a fragile housing finance market.""

Spokespeople for neither the FHFA nor Freddie Mac could be immediately reached for comment.