Plus   Neg

Fannie Mae Names Interim CEO Hugh Frater As New CEO - Quick Facts

Fannie Mae (FNMA.OB), the largest provider of liquidity to the U.S. housing market, announced Wednesday it has appointed Hugh Frater as the new Chief Executive Officer, effective March 26. He will also remain on the Board of Directors, which he has served since 2016.

As CEO, Frater will set the overall enterprise vision and strategic direction of the company. The appointment follows a six month nationwide search of qualified candidates.

Most recently, Frater served as the interim CEO since October 16, 2018. He succeeded Timothy Mayopoulos, who announced his intention in July 2018 to leave the company on October 15, 2018.

Previously, Frater held a number of executive and management roles throughout his career. He currently serves as Non-Executive Chairman of the Board of VEREIT, Inc. and previously led Berkadia Commercial Mortgage LLC, a national commercial real estate company.

He also served as Chairman of Berkadia from April 2014 to December 2015 and served as CEO of Berkadia from 2010 to April 2014. Earlier in his career, Frater was an Executive Vice President at PNC Financial Services, where he led the real estate division, and was a Founding Partner and Managing Director of BlackRock, Inc.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Apotex Corp. recalled all lots of type 2 diabetes medication Metformin hydrochloride in the form of oral film-coated tablets for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Groupe Renault plans to cut about 14,600 jobs across the world and lower its production capacity. The plan includes almost 4,600 jobs reduction in France, through voluntary retirement and retraining. Amazon said it will convert 125,000 of the 175,000 temporary workers it hired in March amid the coronavirus pandemic, to permanent full-time employees in June. The e-commerce giant had hired the temporary employees in March to meet strong consumer demand amid the lockdown. The job openings were in Amazon's fulfillment centers and its delivery network.
Follow RTT