With the future of Fannie Mae in flux due to President Trump’s stated desire to potentially privatize it, CEO Priscilla Almodovar stepped down as the head of the mortgage giant on Oct. 22, with Peter Akwaboah, Fannie Mae’s current COO, appointed to the additional role of acting CEO of Fannie Mae, according to William J. Pulte, Fannie Mae chairman of the board.
Additionally, John Roscoe and Brandon Hamara have been promoted to co-presidents. How or why Almodovar left Fannie Mae abruptly was not explained in a news release from Fannie Mae.
The moves continue a shake-up at Fannie Mae and Freddie Mac that include FHFA Director Bill Pulte’s firing of Freddie Mac CEO Diana Reid in March.
“Serving as president and CEO of Fannie Mae has been the privilege of a lifetime,” said Almodovar. “Together, we have made Fannie Mae stronger than ever. I will be eternally grateful to the entire Fannie Mae family, our many partners, and director Pulte for the opportunity to lead this incredible organization that helps millions of American homeowners and renters access their American Dream.”
Akwaboah has over 30 years of financial services leadership experience in operations, technology and innovation at Morgan Stanley, Royal Bank of Scotland, Deutsche Bank, KPMG and IBM. He will continue to oversee Fannie Mae’s COO division and partner with Fannie Mae executives Hamara and Roscoe.
“Peter’s deep operating background, as the former Morgan Stanley COO of Global Technology, makes him the perfect fit for the acting CEO position while the board conducts its search for a permanent CEO,” said Pulte. “We appreciate Priscilla Almodovar for her years of service to Fannie Mae, and we wish her great success in her next endeavor.”
“At Fannie Mae, we are building a deep, focused and operationally experienced leadership team to lead the company to increased safety and soundness and accelerated profitability,” said Michael Stucky, Fannie Mae vice chairman of the board.
All of the new leadership roles are effective immediately.
