Fannie Mae announced a change in its leadership
, with CEO Timothy J. Mayopolous resigning by the end of the year and David Benson being promoted from executive vice president and chief financial officer (CFO) and Celeste Brown being promoted from senior vice president and deputy CFO to executive vice president and CFO.
The Benson and Brown promotions will take effect on Aug. 6. It is not certain if Benson will also become CEO—Mayopolous has served as president and CEO since 2012, and he will continue to serve on Fannie Mae’s board of directors.
Mayopolous joined Fannie Mae in 2009 as executive vice president, general counsel and corporate secretary, and was named chief administrative officer the following year. Prior to joining Fannie Mae, he was executive vice president and general counsel of Bank of America Corp, and held senior positions at Deutsche Bank, Credit Suisse First Boston and Donaldson, Lufkin & Jenrette earlier in his career.
Benson was executive vice president and CFO for the past five years, and was head of capital markets, securitization, and corporate strategy after having been the corporate treasurer. Before coming to Fannie Mae in 2002, he was a managing director in the fixed-income division of Merrill Lynch & Co.
Brown has been with Fannie Mae for the past year, and was previously global treasurer at Mortgage Stanley.