Freddie Mac (OTCQB: FMCC) announced the appointment of Diana Reid as the new CEO.
Reid, who will also serve as a member of Freddie Mac’s board of directors, succeeds Michael J. DeVito, who retired earlier this year. Michael Hutchins, who served as interim CEO, will continue as Freddie Mac’s president.
Reid was formerly executive vice president at PNC, and earlier in her career she was a founding partner at Beekman Advisors. She spent nearly 20 years at the investment bank formerly known as Credit Suisse First Boston, and she is a board member of Welltower Inc.
“I am pleased to announce that Freddie Mac’s Board of Directors concluded its comprehensive search and selected Diana Reid as the company’s next CEO,” said Lance Drummond, non-executive chairman of Freddie Mac’s Board of Directors. “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. I have the utmost confidence that she is the right person to take Freddie Mac into the future.”
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