Freddie Mac announced today the appointment of President Michael T. Hutchins to the additional role of Interim Chief Executive Officer (CEO), effective March 16, 2024, as the government-sponsored enterprise (GSE) continues to search for a permanent chief executive.
In the interim role, Hutchins succeeds Freddie Mac CEO Michael J. DeVito, who steps down today. DeVito announced he would be stepping down this past September.
Having worked in the financial services industry for more than 30 years, Hutchins was named president of Freddie Mac in 2020, overseeing the company's Single-Family, Multifamily, Investments & Capital Markets and Enterprise Operations & Technology divisions.
His appointment to Interim CEO means Hutchins will also become a member of Freddie Mac’s Board of Directors. He also serves as a member of Freddie Mac’s Senior Operating Committee.
“Mike Hutchins is a proven leader who brings a deep understanding of every aspect of Freddie Mac to the role of Interim CEO,” said Lance Drummond, non-executive Chair of Freddie Mac’s Board of Directors. “In addition to his knowledge of Freddie Mac, Mike’s decades of experience in housing and financial services is invaluable as the company navigates a challenging market to Make Home Possible for borrowers and renters across the nation.”
Hutchins began his career at Freddie Mac in 2013, serving as senior vice president and then executive vice president of Investments and Capital Markets. Previously, Hutchins was co-founder and CEO of PrinceRidge and held senior positions at UBS and Salomon Brothers.
Drummond added, “I thank Mike for stepping up to lead the company as we continue a thorough search for a permanent CEO. I also want to thank outgoing CEO Michael DeVito for his commitment to Freddie Mac’s mission, and we wish him well in his next chapter.”
