Freddie Mac appointed President Michael Hutchins to the additional role of Interim CEO and will continue its search for a permanent CEO. Hutchins will also become a member of the company’s Board of Directors, Freddie Mac announced in a press release.

Hutchins was named president of Freddie Mac in 2020 and is a member of the company’s senior operating committee. He will continue serving as president. Hutchins’ role of interim CEO and Board member took effect March 16.

This news follows the previously announced departure of CEO Michael DeVito, who stepped down on March 15.

“Mike Hutchins is a proven leader who brings a deep understanding of every aspect of Freddie Mac to the role of interim CEO,” Lance Drummond, non-executive chair of Freddie Mac’s Board of Directors, said in the release. “In addition to his knowledge of Freddie Mac, Mike’s decades of experience in housing and financial services are invaluable as the company navigates a challenging market to ‘Make Home Possible’ for borrowers and renters across the nation.”

Hutchins has worked in the financial services industry for over 30 years. He began his career at Freddie Mac in 2013, serving as senior vice president and then executive vice president of investments and capital markets.

As president in 2020, he oversaw the company’s Single-Family, Multifamily, Investments and Capital Markets and Enterprise Operations and Technology divisions. Previously, Hutchins was co-founder and CEO of PrinceRidge and held senior positions at UBS and Salomon Brothers.

“I thank Mike for stepping up to lead the company as we continue a thorough search for a permanent CEO,” Drummond said. “I also want to thank outgoing CEO Michael DeVito for his commitment to Freddie Mac’s mission, and we wish him well in his next chapter.”