Financial services leader Kenny M. Smith has been named the next CEO of mortgage giant Freddie Mac, the company announced in a press release Tuesday.

Freddie Mac President Mike Hutchins, who has served as interim CEO since March, will remain in his role as president.

Smith, a certified public accountant, heads to Freddie after more than 25 years at Deloitte Consulting LLP, the U.S. consulting arm of one of the “Big Four” global accounting firms. Smith’s tenure included five years as vice chairman, U.S. financial services industry leader.

“Kenny Smith’s background and decades of experience in financial services will be an asset to Freddie Mac as we continue to meet the needs of homeowners, renters and the industry in 2026 and beyond,” Hutchins said in a statement.

Freddie Mac, along with fellow government-sponsored enterprise Fannie Mae, provides stability and liquidity to the U.S. mortgage industry by purchasing eligible loans and selling them on the secondary market as mortgage-backed securities.

“I am honored and excited to join the team at Freddie Mac,” stated Smith, who will also be given a seat on the company’s board of directors. “Freddie Mac plays a vital role in the nation’s housing finance system, and I look forward to working with our talented team to expand access to homeownership and rental housing across the country.”

Hutchins took over as interim CEO in March after Diana Reid was abruptly dismissed shortly after Bill Pulte took office as director of the Federal Housing Finance Agency, which oversees the company through a federal conservatorship arrangement.

In addition to Reid’s ouster, Pulte removed 14 board members at Fannie and Freddie and installed himself as chairman of both companies’ boards.

Smith takes the helm at Freddie with possible changes on the horizon. The Trump administration has been in talks to potentially sell shares in Fannie Mae and Freddie Mac through an initial public offering on the New York Stock Exchange.

In August, Treasury Secretary Scott Bessent suggested that 3% to 6% of Fannie and Freddie stock may be offered to the public, based on his conversations with Wall Street bankers.

Bessent said Tuesday that the Fannie and Freddie IPOs would be done “sometime” next year, according to reporting by Bloomberg.