Fannie Mae Announces Leadership Changes

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced a series of leadership changes following decisions by two veteran executives that they will soon retire from the company.

President David C. Benson announced that he will retire in early to mid-2024 after 21 years of serving in a wide range of positions, including Interim CEO, Chief Financial Officer, Executive Vice President – Capital Markets, and Treasurer. In addition, Chief Administrative Officer Jeffery Hayward announced his intention to retire as of December 31, 2023, after 36 years with Fannie Mae during which he also led the company's Multifamily business and its National Servicing Organization.

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.

Current General Counsel Terry Theologides will succeed Hayward as Chief Administrative Officer. The company also announced that Danielle McCoy will become the new General Counsel & Corporate Secretary. McCoy currently serves as Senior Vice President, Deputy General Counsel & Deputy Corporate Secretary.

"We're deeply grateful to both Dave and Jeff for their leadership and decades of service," said Michael Heid, Chair 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."

"I'm honored and I'm excited about the path forward," said Almodovar. "Fannie Mae is well prepared for these transitions thanks to thoughtful succession planning and the strong leadership corps that Dave, Jeff, and others have helped develop through the years. Dave's and Jeff's achievements have left a lasting imprint on our company and our industry, and we are grateful for their leadership and contributions. Our bench of leaders is deep, and I look forward to continuing to grow our talent and working with Terry and Danielle in their new roles."

Terry Theologides has been General Counsel & Corporate Secretary for more than four years and previously served in senior roles at CoreLogic, Inc. and Morgan Stanley's mortgage businesses. As Chief Administrative Officer he will be responsible for a broad range of Fannie Mae's operations, including Economic & Strategic Research, the ESG team, Government & Industry Relations, Legal, and Marketing & Communications.