Management Shake-Up at Fannie Mae
From staff and wire reports
Fannie Mae says three top executives are leaving as the mortgage finance company aims to cope with mounting losses from the mortgage crisis.
Chief Financial Officer Stephen Swad is leaving to "pursue other opportunities" in the private-equity business. He is being replaced by David C. Hisey, formerly the company's senior vice president and controller. The District-based copmany named Peter Niculescu as chief business officer, replacing the retiring Robert J. Levin. And Michael Shaw is taking over as chief risk officer for Enrico Dallavecchia, who is also leaving the company.
"As we move through the bottom of this cycle, maintaining capital, managing credit and driving revenues are the priorities - and we have to organize and staff accordingly," chief executive Daniel Mudd said in a statement.
Mudd is staying with Fannie Mae.
"The Board of Directors is firmly committed to Dan Mudd, the management restructuring, and the strategic objectives around capital and credit he set forth on August 8," said Chairman Stephen B. Ashley. "The Board will continue to work closely with Dan and his management team to guide the company and support the housing finance system through a very challenging period."
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