Fannie Mae announced that its board of directors has appointed Timothy J. Mayopoulos as president and chief executive officer and a member of the board.
Washington, D.C.—Fannie Mae announced that its board of directors has appointed Timothy J. Mayopoulos as president and chief executive officer and a member of the board. Mayopoulos, who currently serves as executive vice president, chief administrative officer, and general counsel, leads key corporate functions and the company’s business transformation program.
Mayopoulos assumes leadership of Fannie Mae at a pivotal point for housing finance. Mayopoulos has managed critical functions, including the company’s human capital strategy, communications and marketing, government and industry relations, and the legal function. He also has provided leadership and oversight of the company’s long-term strategies to achieve operating excellence and its efforts to improve the housing finance system.
Mayopoulos will succeed Michael J. Williams, who announced in January his decision to step down after leading the company’s effective response to the housing crisis and the rebuild of the company since 2009. In the first-quarter of 2012, Fannie Mae reported a net income of $2.7 billion and did not require funding from Treasury. The company’s comprehensive income of $3.1 billion in the first quarter of 2012 was sufficient to pay the first-quarter dividend of $2.8 billion. To date, Fannie Mae has paid $22.6 billion to Treasury through dividend payments.
Mayopoulos brings more than 25 years of experience to his new leadership post. Prior to joining Fannie Mae, he was executive vice president and general counsel of Bank of America Corporation. Previously, he served in senior management roles at Deutsche Bank AG, Credit Suisse First Boston and Donaldson, Lufkin & Jenrette Inc. Earlier in his career, Mayopoulos was in private practice. He is a graduate of Cornell University and the New York University School of Law.