Fannie Mae Names General Counsel Timothy Mayopoulos As New CEO
Fannie Mae, the federally controlled mortgage giant, said Tuesday it is naming its general counsel, Timothy Mayopoulos, as its new president and CEO.
Mayopoulos, a former general counsel of Bank of America Corp. (NYSE: BAC), will replace Michael Williams, a 21-year veteran of Fannie Mae. Fannie reported a first-quarter profit of $2.7 billion and did not require taxpayer aid for the first time since the 2008 financial crisis. Mayopoulos will retain his current salary of $2.66 million this year, but will receive a pay cut to $600,000 next year, following legislation that limits the executive compensation of Fannie and its sibling, Freddie Mac.
We have a responsibility to return value to taxpayers and to contribute our expertise and experience to building a more effective and stable housing finance system for the future, said Mayapoulos in a statement.
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