Freddie Mac announced a series of changes to its leadership team, according to a release on the company’s website.
First, the company announced that Chief Executive Officer Donald H. Layton, 68, has informed the Board of Directors of his intention to retire in the second half of 2019. As a result of this decision, the Board has begun implementing its CEO Succession Plan, which is expected to be completed in that same timeframe. The CEO Succession Plan includes considering candidates from both inside and outside the company, Freddie announced.
For its internal candidate, the company has identified David Brickman, currently executive vice president and head of Freddie Mac Multifamily. In addition, the Board has formed a search committee and will retain an executive search firm to seek outside candidates.
The company announced that effective immediately, Brickman will be appointed to the role of president of Freddie Mac. In addition, Deborah Jenkins, currently senior vice president of Multifamily Underwriting and Credit, will be promoted, effective Jan. 1, 2019, to head the multifamily business as executive vice president.
The Board began implementing the Succession Plan at its regularly scheduled September meeting this week, in consultation with the Federal Housing Finance Agency (FHFA), in its capacity as Freddie Mac’s conservator.
"Don (Layton) has played an indispensable role in transforming Freddie Mac and moving the housing finance system in a better direction, particularly with his leadership in developing the GSE credit risk transfer market,” Freddie Mac Board of Directors Chairman Christopher S. Lynch said in the release. “The Board is extraordinarily grateful for his service to the company, and we anticipate that he will continue to play an invaluable role at Freddie Mac during his remaining tenure.
“David (Brickman) is an excellent choice to serve as president,” Lynch added. “He is a natural leader who has built the multifamily business into the industry’s innovative market leader. In addition, the Board is confident that David’s broad business experience will help further the company’s competitiveness in all our businesses. Debby’s appointment to head Freddie Mac Multifamily is very well-deserved, based on her impressive management of the underwriting and credit functions and her instrumental role in the success of Freddie Mac’s multifamily business. Freddie Mac’s CEO Succession Plan is designed to ensure continuity in operations as we continue to build a more innovative and capital efficient company, and we look forward to a smooth process.”