Both the chief executive officer and the chairman of the board of Freddie Mac are stepping down within the next few months, the Federal Housing Finance Agency (FHFA) said late Wednesday.
Charles E. Haldeman Jr., Freddie's CEO, has told the government-sponsored enterprise's board that he would like to leave "some time in the coming year," FHFA said. Separately, John Koskinen, Freddie's chairman, has reached the company's mandatory retirement age and will step down at the end of his term in February 2012, the agency said.
Christopher Lynch, another board director and currently chairman of Freddie's audit committee, will assume the chair of the enterprise at the December 2011 board meeting, according to FHFA. Lynch was named to the board in 2008 after previously serving as national partner in charge of KPMG's financial services division. Lynch was also named as a board director to AIG after it received a government bailout.
FHFA also announced two other imminent departures. Another board director, Robert Glauber, has also reached retirement age and is expected to step down shortly while Laurence E. Hirsch, who is also on Freddie's board, said he would not seek re-election when his current term expires.
Haldeman has said he will stay on as CEO until his successor has been chosen, a process that is expected to begin shortly.
"Ed Haldeman has brought strong leadership to Freddie Mac," said Acting FHFA Director Ed DeMarco in a press release. "I appreciate his commitment to leadership stability during the upcoming transition."
Haldeman joined Freddie in 2009 after serving as chairman of Putnam Investment Management. He is the third CEO of Freddie since it was seized by the government in September 2008.
Koskinen has served as non-executive chairman of Freddie since that time, briefly serving as CEO in 2009. Previously, Koskinen was president of the U.S. Soccer Foundation for four years.