Fannie Mae Executive Shake Up
Published August 28th, 2008
Fannie Mae, the US government-sponsored mortgage financier, on Wednesday announced a management shake-up in an effort to get to grip with mounting credit losses and a shrinking capital base
“As we move through the bottom of this cycle, maintaining capital, managing credit and driving revenues are priorities and we have to organise staff accordingly,” Daniel Mudd, Fannie Mae chief executive, said.
Fannie said Stephen Swad, its chief financial officer, had chosen to leave the company after little more than a year to pursue work in the private equity field and has been replaced. Peter Niculescu, will take on an expanded role.
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