Following in Fannie Mae's footsteps, Freddie Mac yesterday announced changes in its senior management and organization that are effective immediately.
The company's three business lines single-family Credit Guarantee, headed by Senior Vice President Donald Bisenius; multifamily sourcing, headed by Senior Vice President Michael May; and investments and capital markets, headed by Senior Vice President Gary Kain will report directly to Freddie Mac Chief Executive Officer David Moffett.
This new structure effectively eliminates the need for a chief business officer which results in Patricia Cook, who had held that position, to leave the company.
The GSE also named Senior Vice President and Corporate Controller David Kellermann as acting chief financial officer, reporting directly to Moffett, while it undertakes an external search to fill the position on a permanent basis. Chief Financial Officer Anthony Piszel is departing the firm.
All of the company's credit management activities will be consolidated under a single new position, Chief Credit Officer, also reporting directly to Moffett. Raymond Romano, senior vice president, Credit Risk Oversight, will be the acting chief credit officer reporting directly to Moffett while the company conducts an external search.
Since Freddie Mac views the fulfillment and definition of its mission as a matter to be conducted in close consultation with its regulator and conservator, the Federal Housing Finance Agency, the company's Mission Division, headed by Senior Vice President Robert Tsien, will move into the firm's compliance & regulatory affairs division, headed by Senior Vice President Jerry Weiss.
As previously announced, Freddie Mac has ceased all lobbying and political activity. As a result, Timothy McBride, senior vice president, government and industry Relations, is also leaving the company.