Fannie Mae announced new leadership roles on Wednesday for three key existing leaders at the government-sponsored enterprise. It appointed chief operating officer Peter Akwaboah as acting CEO while the company searches for a permanent chief executive.
According to a press release, the leadership roles are effective immediately.
Akwaboah joined Fannie Mae from Morgan Stanley, where he served as chief operating officer for global technology. He brings more than 30 years of experience in financial services, including previous roles at the Royal Bank of Scotland, Deutsche Bank, KPMG and IBM.
Akwaboah will continue to oversee Fannie Mae’s COO division. He will partner with Fannie Mae executives Brandon Hamara and John Roscoe, who were promoted to the roles of co-presidents, according to the release.
“With the addition of Peter as acting CEO and John Roscoe and Brandon Hamara as co-presidents, we now have a deep bench of three experienced leaders at the very top of Fannie Mae,” Bill Pulte, the director of the Federal Housing Finance Agency, said in a statement.
“This means a safer, sounder Fannie Mae, all while growing our great Fortune 25 company.”
Michael Stucky, vice chairman of Fannie Mae’s board, said the new leadership structure reflects the company’s focus on operational strength and long-term profitability.
The leadership changes also mark the departure of Priscilla Almodovar, who has served as Fannie Mae’s president and CEO since 2022.
“Serving as President and CEO of Fannie Mae has been the privilege of a lifetime,” Almodovar said. “Together, we have made Fannie Mae stronger than ever. I will be eternally grateful to the entire Fannie Mae family, our many partners, and Director Pulte for the opportunity to lead this incredible organization that helps millions of American homeowners and renters access their American Dream.”
The release did not clarify whether Almodovar is retiring, resigning or being removed. Pulte thanked Almodovar for her service and wished her success “in her next endeavor.”
English