Fannie Mae restructures management; replaces CFO
Washington Business Journal - by Bryant Ruiz Switzky Staff Reporter
Fannie Mae announced Wednesday a series of senior management changes related to its capital management and credit loss reduction plan.
The executives include Peter Niculescu, who has assumed the duties of chief business officer, as well as the appointments of David Hisey as chief financial officer and Michael Shaw as chief risk officer.
“After setting forth our capital and credit plan August 8, we are now putting a senior management structure in place to drive this plan across the company,” said Daniel Mudd, president and chief executive officer of District-based Fannie Mae (NYSE: FNM) in a statement. “This team will be responsible for meeting the dual objectives of conserving capital and controlling credit losses while Fannie Mae continues to provide crucial liquidity to the U.S. housing and mortgage markets. As we move through the bottom of this cycle, maintaining capital, managing credit and driving revenues are the priorities — and we have to organize and staff accordingly.”
Niculescu replaces Robert Levin, a 27-year veteran of the company, who is retiring early next year.
Under the new plan, Niculescu will oversee the three business division: single-family mortgage guaranty, capital markets and housing and community development. In addition, Niculescu will oversee the implementation of the company’s capital management and credit-loss reduction plan. In his previous position as head of the capital markets business, he was responsible for the management of the company’s on-balance sheet portfolio investments including interest rate risk management, asset acquisition and funding.
Hisey, was previously senior vice president and controller for the company, is replacing Stephen Swad, who “has chosen to leave the company and will pursue other opportunities in private equity,” according to the company.
Swad joined Fannie as CFO in the spring of 2007. It’s not clear if he was fired or resigned. Fannie Mae did not immediately respond to a request for clarification.
Shaw is replacing Enrico Dallavecchia, who is leaving Fannie. As chief risk officer, Shaw will oversee credit, market, counterparty and operational risk for all business units within the company.
The management changes were announced after the markets closed. Fannie’s stock closed up 15 percent Wednesday to $6.48.
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