Fannie Mae Executives Resign
As one of the major players in the U.S. home lending market, Fannie Mae’s position shook the volatile economic world in early September when its stricken financial predicament was made public.
Last week, Herbert Allison (the former head of the TIAA-CREF retirement investment fund) who was selected by the Treasury as the new head of Fannie Mae after announcing its bail-out plans said,
“Fannie Mae is building a new organizational structure as we take the company in a new direction to serve a dramatically changing market”.
On Friday (19th September), four senior executives resigned from the board of Fanny Mae as a result of this major organizational restructuring. The resignations were:
- Duane Duncan - Senior Vice President for Government and Industry Relations,
- Beth Wilkinson - Executive Vice President and General Counsel,
- Peter Niculescu - Chief Business Office,
- and Rahul Merchant - Executive Vice President and Chief Information Officer.
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