Freddie Mac selected Diana Reid to serve as the new CEO of the government-sponsored enterprise. Reid brings four decades of experience in banking, real estate, capital markets and affordable housing to the role and will also join the organization’s board of directors. Freddie Mac President and interim CEO Michael Hutchins will continue as the company’s president.
Reid has served as an independent director and advisor to several organizations, including nearly 12 years leading the real estate business division at PNC Financial Services Group, Inc. through the financial crisis and on to a period of notable growth.
“I am delighted that Freddie Mac has selected Diana Reid as its next CEO,” Federal Housing Finance Agency Director Sandra Thompson said in a statement. “Diana brings with her decades of experience in mortgage banking and capital markets, as well as a proven track record of executive leadership. I look forward to working with her to build upon Freddie Mac’s mission to promote affordable housing throughout the country in a safe and sound manner. I am also grateful to Mike Hutchins for his leadership during this interim period as Freddie Mac completed its search for a permanent CEO. I look forward to working with the Freddie Mac team to ensure a smooth transition.”
“It is an honor to join Freddie Mac and lead the company as it carries out its vital role in the housing finance market,” Reid said. “I look forward to working with the board, management and my colleagues at Freddie Mac to continue and expand the company’s contributions in providing liquidity, stability and affordability for housing in communities across the country, and to ensure the company’s safety and soundness for the next generation.”
Before joining PNC, Reid founded Beekman Advisors, a real estate finance company providing owners, CEOs, and boards strategic advice and services supporting merger and acquisition transactions. She also spent nearly 20 years at the investment bank formerly known as Credit Suisse First Boston in mortgage trading, debt capital markets, and financial institutions advisory.
“Diana’s proven track record and vast experience in housing finance, real estate and capital markets make her an excellent choice to further Freddie Mac’s mission-driven work,” said Lance Drummond, non-executive chair of Freddie Mac’s board of directors. “I have the utmost confidence that she is the right person to take Freddie Mac into the future.”
Drummond also recognized Hutchins for his leadership as interim CEO, providing stability and continuity for Freddie Mac’s work.