Top US executive leave crisis-hit firm
Three top executives are departing mortgage finance company Freddie Mac, which was seized by the US government nearly three weeks ago.
The McLean, Virginia-based company said its chief financial officer, Anthony Piszel; chief business officer, Patricia Cook and Timothy McBride, senior vice president for government and industry relations are leaving the company, effective immediately.
Mr McBride’s departure comes after the government banned all lobbying activities at Freddie Mac and its sibling company, Fannie Mae, as part of the September 7 government takeover.
Freddie Mac named David Kellermann, previously the company’s senior vice president and corporate controller, as acting chief financial officer, reporting directly to new CEO David Moffett.
The company said it would undertake an external search to fill the CFO position permanently.
The company said its business divisions will now report directly to Mr Moffett, rather than the chief business officer, whose position is being eliminated. Freddie Mac is also establishing a new position of chief credit officer and named Raymond Romano to that role on an acting basis.
“I am excited about the changes we’re making today, and believe they position us to best achieve the mission and goals of the company over the long term,” Mr Moffett said in a statement.
Earlier this month, the government seized control of Fannie and Freddie and agreed to pump as much as 200 billion dollars into the firms to help keep them afloat.
Shares of Freddie Mac rose 2 cents to $1.88 in afternoon trading.
