Significant Board Changes Announced at Freddie Mac and Fannie Mae
Recent SEC filings reveal substantial shifts in the board compositions of Freddie Mac and Fannie Mae, marking a pivotal moment for both government-sponsored enterprises (GSEs).
Freddie Mac Board Restructuring
Freddie Mac has seen the departure of six board members, including its chair, Lance Drummond, and Jane Prokop, who was appointed to the board earlier this month. In a notable move, Pulte has taken on the role of chairperson, joined by new members Brandon Hamara, Clinton Jones, and Ralph “Cody” Kittle.
Changes at Fannie Mae
Meanwhile, Fannie Mae’s board has experienced the removal of eight members, although CEO Priscilla Almodovar will continue in her position. Among those staying on are Renée Lewis Glover, Karin Kimbrough, Manuel Sánchez Rodríguez, and Scott Stowell. The board also parted ways with former chair Michael Heid. New appointees include Clinton Jones, Christopher Stanley from SpaceX, and Michael Stucky, with Pulte assuming leadership there as well.
Future Developments
Both Freddie Mac and Fannie Mae have committed to transparency regarding upcoming developments. Freddie Mac plans to disclose details regarding any related party transactions and assignments for new directors as this information becomes available. Fannie Mae, on the other hand, has yet to finalize the committee assignments for its new board members.
This situation continues to evolve, and updates will be provided as they emerge.
