Ryan Zanin leaving Fannie Mae board to become its CRO

Former GE Capital executive Ryan Zanin will resign from Fannie Mae’s board effective Jan. 31 to become the government-sponsored enterprise’s chief risk officer Feb. 1, according to a press release issued Thursday.

“Ryan’s appointment as chief risk officer comes at a critical time for Fannie Mae,” said Fannie CEO Hugh Frater. “Filling this position with someone of Ryan’s caliber is key to meeting our mission to sustainably serve lenders, homebuyers and renters, and provide liquidity through all market cycles.”

Fannie Mae

The former president and CEO of GE Capital’s restructuring and strategic ventures group was named executive vice president at Fannie soon after another EVP, Andrew Bon Salle, stepped down in December. Bon Salle was recently named chairman at Home Point Capital, which is planning to join a wave of mortgage companies going public.

The Trump administration had taken several steps toward eventually taking Fannie Mae and fellow government-sponsored enterprise Freddie Mac public, but the Biden administration is considered less likely to.

Zanin joined Fannie’s board in 2016, back when he was still working at GE Capital. His tenure at GE ran from 2010 to 2018 when he retired. In addition to heading the restructuring and strategic ventures group there, he served as GE’s CRO between 2010 and 2015, and then again from November 2016 until his retirement.

Prior to joining GE Capital, Zanin also served as CRO, international capital markets, at banking giant Wells Fargo from 2008 to 2010. He previously served as CRO for the corporate and investment bank unit at Wachovia Corp. from 2006 to 2008. Wells Fargo purchased the company in 2008. In the 14 years prior to joining Wachovia, Zanin held a variety of leadership positions at Deutsche Bank AG and Bankers Trust Co.

“I am grateful for Ryan’s service on Fannie Mae’s Board of Directors since 2016, and I’m pleased the company will continue to benefit from his extensive risk management experience and expertise in his new role,” said Sheila Bair, who was named chairwoman of Fannie’s board in November.

Bair, like Zanin, had a professional career that gave her experience managing risk in a distressed market after the Great Recession. She was appointed to head the Federal Deposit Insurance Corp. in 2008 under the Bush Administration and oversaw the resolution of more than 300 failed banks.