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Fannie Mae CEO Timothy Mayopoulos To Step Down By End Of Year

Fannie Mae (FNMA) said that Timothy Mayopoulos has decided to step down as Chief Executive officer by the end of the year.

The company noted that Mayopoulos will remain CEO until his departure, and he will work closely with the Board of Directors to ensure a smooth transition and succession. As CEO, he will continue to set the overall enterprise vision and strategic direction of the company and serve on Fannie Mae's Board of Directors. The Board of Directors announced that it will conduct a search for a successor to Mayopoulos.

The company appointed David Benson as President. In this role, Benson will report to the Chief Executive Officer (CEO) and manage the day-to-day business and operations of the company, including the ongoing execution of the company's strategy. In addition, the company announced that Celeste Brown has been promoted to Executive Vice President and Chief Financial Officer. Both appointments are effective August 6.

Benson has been Fannie Mae's Executive Vice President and Chief Financial Officer for the past five years. He was previously head of capital markets, securitization, and corporate strategy after having been the corporate treasurer. Prior to joining Fannie Mae in 2002, Benson was a managing director in the fixed-income division of Merrill Lynch & Co. During his 14-year tenure at Merrill Lynch, he held leadership positions in risk management, fixed-income and currency trading, debt syndication, and e-commerce.

Celeste Brown joined Fannie Mae one year ago as Senior Vice President and Deputy Chief Financial Officer. She is a seasoned finance and business executive who joined Fannie Mae following an 18-year career at Morgan Stanley. After 11 years as an equity research analyst, including coverage of financial institutions, Brown moved into enterprise level management positions of increasing responsibility at Morgan Stanley, including head of investor relations, before being named global treasurer.

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