Fannie Mae announced that Jonathan Plutzik succeeded Egbert L. J. Perry as the new chairman of Fannie Mae’s Board of Directors, effective Dec. 12, 2018. Perry stepped down on Dec. 19, following his completion of 10 years of service on the board, Fannie announced in a press release.
Perry expressed optimism about his successor.
“Jonathan’s long-standing service and experience on the board will provide the company with deep institutional knowledge and valuable guidance as the company moves forward with its mission to provide access to safe, affordable mortgage financing in the United States,” Perry said in the release.
Plutzik joined the Fannie Mae Board of Directors in November 2009. During his tenure, he has served as vice chairman, chairman of the Risk Policy and Capital Committee, vice chairman of the Strategic Initiatives and Technology Committee, and as a member of the Compensation Committee, the release stated.
Perry has been a Fannie Mae director since December 2008 and was appointed chairman of the board in March 2014. Absent a waiver, the Federal Housing Finance Agency’s corporate governance regulations limit service on Fannie Mae’s board to 10 years or age 72, whichever comes first.
“We greatly appreciate the strong leadership, passion, and integrity Egbert has brought to Fannie Mae over the last 10 years. Egbert played an essential role in leading the transformation of Fannie Mae into the company it is today,” Interim CEO Hugh R. Frater said. “Our employees, customers, and stakeholders can be truly proud of how far we have come as a company as we fulfill our mission of partnering with lenders to provide safe, sustainable, and competitive financing for homes and apartments across the country, helping to improve the lives of millions of Americans.
“Jonathan’s appointment as chair brings stability and continuity to the company, and we look forward to continuing our progress in his new role. The board and the company will benefit from Jonathan’s insights and commitment to continuing the great strides we have made over the past decade,” Frater added.
Plutzik has served as chairman of Betsy Ross Investors, LLC since 2005. He previously served in various positions with Credit Suisse Group for 24 years before retiring as vice chairman in 2002.
“I am honored by this appointment and thank Egbert for his strong leadership, integrity, and great work as chair,” Plutzik said. “I look forward to continuing working with the board of directors and our talented management team as they advance our mission to provide liquidity, stability, and affordability to the U.S. housing market and develop innovative solutions to solve America’s housing challenges.”