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8-K - FORM 8-K - FEDERAL HOME LOAN MORTGAGE CORP | f71728e8vk.htm |
Exhibit
99.1
FEDERAL
HOUSING FINANCE AGENCY
NEWS
RELEASE
For Immediate Release
|
Contact: | Corinne Russell | (202) 414-6921 | |||
October 26, 2011
|
Stefanie Johnson | (202) 414-6376 |
FHFA
Announces Freddie Mac Board and Management Changes
Washington, DC The Federal Housing Finance Agency
today announced, in accordance with FHFAs corporate
governance regulation and Freddie Macs Corporate Governance Guidelines, two Freddie Mac board
members, John Koskinen (Chairman) and Robert Glauber (Chairman,
Governance and Nominating Committee), have reached the
companys mandatory retirement age and will be stepping
down from the board at the end of the current term in February
2012.
In anticipation of those retirements and to promote a smooth
transition, FHFA Acting Director Edward J. DeMarco
announced that Christopher Lynch, currently chairman of the
Freddie Mac boards audit committee, will assume the chairmanship of
the Freddie Mac board, effective at the December 2011
board meeting.
John Koskinen and Robert Glauber have provided outstanding
service to Freddie Mac and the country in their
roles on the Freddie Mac board during this time of
conservatorship, said Acting Director DeMarco. Mr.
Koskinen assumed the position of board chairman as the company transitioned into conservatorship and he worked with
FHFA in constructing a new board of directors, assisted by
Mr. Glauber, one of the few board members to remain with
the company from before the conservatorship. Each has a long
record of public service and accomplishment and we are grateful
for their service.
Mr. Lynch was named to the Freddie Mac board by FHFA on
Dec. 23, 2008. He retired from KPMG LLP as the
National Partner in Charge-Financial Services Division. He also
chaired KPMGs American Financial Services Leadership team. Mr. Lynch also is a
director of the American International Group Inc.,
where he became a member of the AIG board after that Company
received an infusion of funds from the U.S. Treasury
Department.
Separately, Laurence E. Hirsch notified the company on
Oct. 18, 2011 that he will not seek re-election to the
companys board of directors when his current term expires. Acting Director DeMarco
expressed his appreciation to Mr. Hirsch for his support of
and commitment to Freddie Mac.
Current Freddie Mac Chief Executive Officer Charles E.
Ed Haldeman Jr. recently informed the board of his desire to step down
some time in the coming year. FHFA Acting Director DeMarco
requested that the outgoing and incoming board chairs work with
the board and FHFA on developing a succession plan for the
position of CEO. The board will begin that process shortly. In
the meantime, Mr. Haldeman has assured the board and FHFA
of his commitment to remain as CEO until the transition has
taken place.
Ed Haldeman has brought strong leadership to Freddie
Mac, said DeMarco. I appreciate his commitment to
leadership stability during the upcoming transition.
###
The
Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac
and the 12 Federal Home Loan Banks. These
government-sponsored enterprises provide more than
$5.7 trillion in funding for the U.S. mortgage markets and
financial institutions.