Fannie Mae President and CEO Priscilla Almodovar stepped down after nearly three years leading the government-sponsored enterprise (GSE). The company announced her departure along with three other changes to senior leadership in an Oct. 22 news release.
Fannie Mae Chief Operating Officer (COO) Peter Akwaboah will serve as acting CEO, and the company promoted John Roscoe and Brandon Hamara to serve as co-presidents.
Federal Housing Finance Agency Director Bill Pulte, who also serves as chairman of Fannie Mae, commented on the three promotions, as well as Almodovar’s tenure at the company.
“With the addition of Peter as acting CEO and John Roscoe and Brandon Hamara as co-presidents, we now have a deep bench of three experienced leaders at the very top of Fannie Mae,” Pulte said. “This means a safer, sounder Fannie Mae, all while growing our great Fortune 25 company.”
Pulte said Akwaboah’s operating background, as the former Morgan Stanley COO of global technology, makes him the perfect fit for the acting CEO position while the Board conducts its search for a permanent CEO.
Roscoe has served as Fannie Mae’s operations and public relations. Hamara left Freddie Mac’s board of directors to join Fannie Mae’s board on Oct. 7.
Akwaboah has more than 30 years of financial services leadership experience in operations, technology and innovation at Morgan Stanley, Royal Bank of Scotland, Deutsche Bank, KPMG and IBM. Peter will continue to oversee Fannie Mae’s COO division and partner with Fannie Mae executives Hamara and Roscoe.
Prior to taking the reins from her predecessor, David Benson, in December 2022, Almodovar held executive-level roles at JPMorgan Chase and Enterprise Community Partners, where she oversaw the creation of the firm’s five-year, $3.5 billion affordable housing initiative in 2020.
“Serving as president and CEO of Fannie Mae has been the privilege of a lifetime,” Almodovar said in the release. “Together, we have made Fannie Mae stronger than ever. I will be eternally grateful to the entire Fannie Mae family, our many partners, and Director Pulte for the opportunity to lead this incredible organization that helps millions of American homeowners and renters access their American Dream.”
“At Fannie Mae, we are building a deep, focused, and operationally experienced leadership team, at the top, to lead the company to increased safety and soundness and accelerated profitability," Fannie Mae Board Vice Chairman Michael Stucky said in the release.
All leadership roles became effective immediately.