Industry veteran Diana Reid has been appointed CEO by the government-sponsored enterprise’s (GSE) Board of Directors, to replace interim CEO Michael Hutchins, who will remain President of Freddie Mac.
Federal Housing Finance Agency (FHFA) Director Sandra L. Thompson said she was “delighted” by the appointment Tuesday.
“Diana brings with her decades of experience in mortgage banking and capital markets, as well as a proven track record of executive leadership,” Thompson said. “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.”
Former Freddie Mac CEO Michael DeVito retired in the first quarter of this year. Hutchins, who has served as President since 2020, took over the CEO role March 15 on an interim basis, while the search committee reviewed candidates.
“On behalf of the Board, I thank Mike Hutchins for his leadership as interim CEO, which provided necessary stability and continuity for Freddie Mac’s important work,” Thompson continued. “We are delighted to benefit from his continued leadership as the company’s president.”
Reid brings to the role more than four decades of experience in banking, real estate, capital markets, and affordable housing, most recently serving as an independent director and advisor to several organizations. During her 12-year tenure at PNC Financial Services Group, Inc., she was credited with guiding the company's real estate business division through the financial crisis and on to a period of significant growth.
“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 chair 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.”
Reid spent close to 20 years in investment banking before her executive role at PNC, also founding Beekman Advisors. She earned her Bachelor of Science from California State University and her Masters of Business Administration from University of Virginia’s Darden School of Business.
“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 in a statement. “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.”
