On Sept. 13, Freddie Mac announced Michael DeVito informed the Board of Directors of his intention to retire as CEO in the first quarter of 2024. The Board will begin a search for a successor, and a smooth transition is anticipated, according to a Freddie Mac press release.
“We are very saddened to hear of Michael’s departure, and the Board expresses its profound appreciation for his strong leadership and his many other contributions to Freddie Mac,” Sara Mathew, chair of Freddie Mac’s Board of Directors, said in the release. “Above all, Michael demonstrated a true passion for the company’s mission and drove meaningful progress in making home possible for homebuyers and renters in communities across the nation.”
Federal Housing Finance Agency Director Sandra Thompson shared her thoughts on DeVito’s departure.
“Michael DeVito has brought more than 30 years of experience and leadership in mortgage finance to Freddie Mac,” Thompson said. “I am grateful for his commitment and dedication, which has put the company in a stronger financial position while still providing broad access to credit for all creditworthy borrowers. I am deeply grateful for his service and wish him well in his future endeavors.
“I will work closely with the Board in identifying a successor and ensuring a smooth transition to the new leadership,” Thompson added.