Freddie Mac announced a major move at the top this week, naming industry veteran Diana Reid as its new CEO, effective immediately.
Reid, who will also serve on the board of directors for the government-sponsored enterprise, replaces President Michael Hutchins as CEO. Hutchins had been serving as interim CEO since the retirement of former head executive Michael DeVito in March; he will remain Freddie’s president upon vacating the CEO post.
Lance Drummond, non-executive chair of Freddie Mac’s board, thanked Hutchins for his interim leadership and praised Reid’s credentials, which include over four decades of experience within real estate, banking and affordable housing. Her record includes almost 12 years at the helm of PNC’s real estate business division; founding real estate advisory consultancy Beekman Advisors, where she was a partner for more than four years; and nearly two decades in various directorial roles at Credit Suisse. Particularly noteworthy is Reid’s stewardship of PNC Real Estate through the global financial crisis and presiding over a growth period afterward, helping the bank grow its commercial loan portfolio to more than $50 billion.
She earned a bachelor of science degree from California State University, Long Beach, and an MBA from the University of Virginia.
“I am pleased to announce that Freddie Mac’s board of directors concluded its comprehensive search and selected Diana Reid as the company’s next CEO,” Drummond said. “Diana’s proven track record and vast experience in housing finance, real estate and capital markets make her an excellent choice to further Freddie Mac’s mission-driven work. I have the utmost confidence that she is the right person to take Freddie Mac into the future.”
“It is an honor to join Freddie Mac and lead the company as it carries out its vital role in the housing finance market,” said Reid. “I look forward to working with the board, management and my colleagues at Freddie Mac to continue and expand the company’s contributions in providing liquidity, stability and affordability for housing in communities across the country, and to ensure the company’s safety and soundness for the next generation.”
Scott Olson, executive director of the Community Home Lenders of America (CHLA), lauded the appointment.
“CHLA commends Diana Reid for being appointed as CEO of Freddie Mac. We look forward to collaborating with her to expand opportunities for affordable homeownership, particularly for first-time and low- to moderate-income borrowers,” he said.
So did Federal Housing Finance Agency Director Sandra Thompson, who noted Reid’s longtime service in the mortgage sphere.
“I am delighted that Freddie Mac has selected Diana Reid as its next CEO. Diana brings with her decades of experience in mortgage banking and capital markets, as well as a proven track record of executive leadership,” Thompson said. “I look forward to working with her to build upon Freddie Mac’s mission to promote affordable housing throughout the country in a safe and sound manner. I am also grateful to Mike Hutchins for his leadership during this interim period as Freddie Mac completed its search for a permanent CEO. I look forward to working with the Freddie Mac team to ensure a smooth transition.”
