There’s a new name atop the Fannie Mae org chart.
Effective immediately, Peter Akwaboah, the company’s chief operating officer since May 2024, has been promoted to acting CEO. He replaces Priscilla Almodovar, who is departing the company.
In corresponding moves, John Roscoe and Brandon Hamara have been named co-presidents of the mortgage giant, which reported net income of $3.3 billion and a net worth of $101.6 billion during the second quarter.
Bill Pulte, the Federal Housing Finance Agency (FHFA) director who also serves as chairman of Fannie Mae’s board, said in a press release that Akwaboah’s background as the former COO for technology at Morgan Stanley “makes him the perfect fit for the acting CEO position while the Board conducts its search for a permanent CEO.”
“With the addition of Peter as acting CEO and John Roscoe and Brandon Hamara as co-presidents, we now have a deep bench of three experienced leaders at the very top of Fannie Mae,” Pulte stated.
Besides his 8.5-year tenure at Morgan Stanley, Akwaboah has also held leadership roles at Deutsche Bank, KPMG and IBM.
Roscoe, a former FHFA chief of staff, previously served as Fannie Mae’s executive vice president of operations and public relations.
Hamara, a former vice president at Tri Pointe Homes, was appointed to the Fannie Mae board of directors on Oct. 6. He previously served on the board of fellow government-sponsored enterprise Freddie Mac but resigned from that role to take the Fannie board position.
A regulatory filing shows Hamara was initially hired to serve as Fannie’s senior vice president and head of operations for single-family and multifamily, with an expected start date in November.
Almodovar joined the company as CEO in December 2022 following a three-decade career in finance, real estate and community development, including executive roles at JPMorgan Chase and the New York State Housing Finance Agency.
“Serving as president and CEO of Fannie Mae has been the privilege of a lifetime. Together, we have made Fannie Mae stronger than ever,” Almodovar said in a statement. “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.”
Pulte, who was confirmed by the Senate in March as FHFA director, overhauled Fannie Mae’s board of directors shortly thereafter, ousting eight board members and immediately naming four replacements, including himself as chair.
In Wednesday’s press release, Pulte stated, “We appreciate Priscilla Almodovar for her years of service to Fannie Mae, and we wish her great success in her next endeavor.”
