Federal Housing Finance Agency Director James Lockhart just announced the appointments of new non-executive chairmen of the Boards of Directors of Fannie Mae and Freddie Mac.
John Koskinen will be the non-executive chairman of Freddie Mac while Philip Laskawy will serve as the non-executive chairman of Fannie Mae. FHFA directed new boards to be formed for both GSEs to ensure solid leadership and good corporate governance.
Both men bring distinguished experience to their new roles, and I thank them for their public service during this difficult period, Lockhart said. Good corporate governance at the Enterprises is especially important right now, and I appreciate the willingness of both of these men to provide Board leadership during these challenging times.
Koskinen has extensive public and private sector experience. He worked at Palmieri Co. for many years, including serving as president and CEO from 1979 to 1993. There he participated in the restructuring and turnarounds of many companies including the Penn Central Transportation Co. and Mutual Benefit, the largest insurance company in history to fail.
Most recently, Koskinen served as president of the United States Soccer Foundation. Before that, he served as deputy mayor and city administrator of the District of Columbia, where he was responsible for the operation of all city departments.
Koskinen has also occupied several senior positions with the gederal government such as service as deputy director for management in the Office of Management and Budget, where he coordinated the work of the chief financial officers, chief information officers and inspectors general of all government agencies.
He currently serves on the Boards of the AES Corp. and American Capital.
Laskawy also has extensive corporate management and board experience. He served as chairman and CEO of Ernst & Young from 1994 until September 2001. He joined the firm in 1961.
In 1994, Mr. Laskawy became chairman and CEO of Ernst & Young and held that position until he retired in 2001. In 2006-2007, he served as chairman of the International Accounting Standards Committee Foundation, which sets accounting standards in more than 100 countries.
Laskawy currently serves on the Boards of Directors of General Motors Corp., Henry Schein, Lazard, and Lowes Corp.
Both of these individuals have the types of skills and experience needed to ensure a healthy financial future for Fannie Mae and Freddie Mac, Lockhart said.
