A pair of veteran mortgage executives have announced their impending departures from Fannie Mae, spurring a series of changes to the leadership team at the government-sponsored enterprise (GSE).
David C. Benson, the current president of Fannie Mae, announced that he will retire in “early to mid-2024.” The longtime Fannie official has held several positions within the company’s executive structure, including chief financial officer, executive vice president of capital markets and treasurer. He also served as Fannie’s interim CEO from May through December 2022 following the retirement of Hugh Frater, holding down the position until the arrival of current CEO Priscilla Almodovar.
Almodovar will assume the additional title of president upon Benson’s departure and inherit direct oversight of Fannie’s two business units — single-family, led by executive vice president Malloy Evans, and multifamily, helmed by executive vice president Michele Evans.
Also announcing his attention to leave is Jeffery Hayward, the GSE’s chief administrative officer. Hayward has been with Fannie Mae for 36 years, a tenure that has also included leading Fannie’s multifamily unit as well as its national servicing organization.
Terry Theologides, who currently serves as general counsel for Fannie, will succeed Hayward as chief administrative officer. Danielle McCoy, a senior vice president, deputy general counsel and deputy corporate secretary, will assume Theologides’ position as general counsel following his promotion.
“I’m honored and I’m excited about the path forward,” Almodovar said. “Fannie Mae is well prepared for these transitions thanks to thoughtful succession planning and the strong leadership corps that Dave, Jeff and others have helped develop through the years.
“Dave’s and Jeff’s achievements have left a lasting imprint on our company and our industry, and we are grateful for their leadership and contributions. Our bench of leaders is deep, and I look forward to continuing to grow our talent and working with Terry and Danielle in their new roles.”
“We’re deeply grateful to both Dave and Jeff for their leadership and decades of service,” echoed Michael Heid, chair of Fannie Mae’s board of directors. “As they depart, we are implementing our succession plans and streamlining our leadership structure to continue advancing our strategy and our mission to serve homeowners, renters and the housing market as a whole. The board is very pleased that Priscilla will take on this greater role, drawing on her wide-ranging experience and proven commitment to our mission.”