A pair of key figures at Fannie Mae are leaving the company, as Chairwoman Sheila Bair is resigning as of May 1, and CEO Hugh Frater is retiring.
Replacing Bair is former Wells Fargo executive
David Benson, currently Fannie Mae's president, is adding the interim CEO title, as the government-sponsored enterprise conducts a search for a new leader to lead the company on a full-time basis. He will also take over on May 1, as well as join the Fannie Mae board.
"When I became
Frater replaced Timothy Mayopoulos, first on an interim basis, and then in March 2019, took on the job full-time. Benson became president around the same time Mayopoulos announced
Bair, the former chair of the Federal Deposit Insurance Corp.,
"I've been privileged to serve this institution and its dedicated employees as we have remained relentlessly focused on the needs of homeowners and renters through a pandemic, tumultuous market condition and a transition in administrations," said Bair. "Unfortunately, I have found it difficult to meet the substantial time demands of this position while fulfilling my other board and advisory responsibilities."
Antony Jenkins is also resigning from Fannie Mae's board effective May 1, citing time commitments as the reason.