MCLEAN, Va. - Freddie Mac (OTCQB: FMCC (OTC:FMCC)) announced today that Michael T. Hutchins, the company's President, has been appointed to the additional role of Interim Chief Executive Officer (CEO), effective Saturday.
This appointment follows the departure of outgoing CEO Michael J. DeVito, who steps down today. Hutchins, who has been with Freddie Mac since 2013, will also join the Board of Directors.
Hutchins' extensive background in the financial services industry spans over three decades, including significant roles at UBS and Salomon Brothers before joining Freddie Mac. He co-founded PrinceRidge and served as its CEO prior to his tenure at Freddie Mac, where he has held several leadership positions.
As President, Hutchins has overseen key divisions within the company, including Single-Family, Multifamily, Investments & Capital Markets, and Enterprise Operations & Technology.
Lance Drummond, the non-executive Chair of Freddie Mac's Board of Directors, expressed confidence in Hutchins' capabilities, citing his deep understanding of the company and his invaluable experience in housing and financial services. Drummond also extended gratitude to outgoing CEO DeVito for his dedication to Freddie Mac's mission.
Freddie Mac, established in 1970, plays a critical role in the United States housing market by promoting liquidity, stability, affordability, and equity. The company's efforts support borrowers and renters throughout various economic cycles, helping millions of families with housing needs.
The search for a permanent CEO continues as Hutchins takes on the interim role. He will maintain his responsibilities as President while also navigating the company through the current market challenges. This transition is part of Freddie Mac's ongoing commitment to its mission of making home possible for families across the nation.
The information in this article is based on a press release statement from Freddie Mac.
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