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Fannie Mae (FNMA/OTCQB) announced a series of changes within its leadership ranks.

President David C. Benson will retire in early to mid-2024. He has been with the government-sponsored enterprise for 21 years and served in a wide range of positions, including interim CEO, chief financial officer, executive vice president of capital markets and treasurer.

Upon Benson’s departure, CEO Priscilla Almodovar – who joined the company last year – will assume the additional title of president. In this expanded capacity, she will directly manage the company’s two business units: Single-Family, led by Executive Vice President Malloy Evans, and Multifamily, led by Executive Vice President Michele Evans.

Chief Administrative Officer Jeffery Hayward announced he will retire at the end of this year, after 36 years with Fannie Mae during which he also led the company’s Multifamily business and its National Servicing Organization. General Counsel Terry Theologides will succeed Hayward as chief administrative officer. Danielle McCoy will become the new general counsel and corporate secretary – she currently serves as senior vice president, deputy general counsel and deputy corporate secretary.

“We’re deeply grateful to both Dave and Jeff for their leadership and decades of service,” said Michael Heid, chairman of Fannie Mae’s board of directors. “As they depart, we are implementing our succession plans and streamlining our leadership structure to continue advancing our strategy and our mission to serve homeowners, renters, and the housing market as a whole. The board is very pleased that Priscilla will take on this greater role, drawing on her wide-ranging experience and proven commitment to our mission.”