Fannie Mae’s CEO Hugh Frater, Board Chair Sheila Bair, and board member Antony Jenkins all announced they will be resigning from their positions effective May 1.
“I’ve been privileged to serve this institution and its dedicated employees as we have remained relentlessly focused on the needs of homeowners and renters through a pandemic, tumultuous market conditions, and a transition in administrations,” Bair said. “I am very proud of this organization’s many innovations to promote sustainable homeownership, including streamlined refinancings for low-income households, use of rental data in underwriting, and a more progressive fee structure. I am deeply appreciative of Hugh Frater’s leadership over the past 3.5 years. He has provided stellar service and will be sorely missed.”
“Sheila has distinguished herself by her hard work, intelligence and above all else her passion for Fannie Mae’s important mission. We thank her for her dedicated service and wish her well in her future endeavors,” Frater said.
Of departing board member Antony Jenkins, Bair said that she “would also like to thank Antony Jenkins for his leadership and contributions to the board. His background as a top financial executive, combined with his unrivaled expertise in financial technology, have been hugely beneficial to the enterprise.”
Concurrent with the announcement were the named replacements for CEO and chair of the board. Taking over as interim CEO will be company President David Benson, who will also serve as member of the board; and, replacing Bair as board chair will be Michael Heid who was elected unanimously to succeed her.
“Fannie Mae will be in good hands going forward,” Bair said. “Mike Heid will be outstanding as the next chair of Fannie Mae, as will Dave Benson as our interim CEO. Mike’s expertise in housing finance, combined with his leadership as chair of the Community Responsibility and Sustainability Committee, make him the right person to continue and build on our mission work. And Dave’s steady hand will help guide the enterprise into the next chapter of its history, as we transition to new leadership to meet the challenges that lie ahead.”
“I am honored to be selected as chair of this outstanding board and grateful to Sheila and Hugh for their phenomenal leadership during these unprecedented times,” Heid said. “This is a pivotal time for Fannie Mae, and I look forward to working with Dave, the exceptional Fannie Mae team, and with my colleagues on the board in service of homeowners and renters across the country.”