Fannie Mae Says CEO Mayopoulos to Step Down by End of the Year

Fannie Mae Chief Executive Officer Timothy Mayopoulos plans to step down by the end of the year, creating a potential vacancy atop a government-controlled company that is central to the U.S. housing system.

While Fannie Mae didn’t name a replacement in its statement July 23, it did say Mayopoulos will work closely with the company’s board to ensure a “smooth transition and succession.” In announcing that the board will conduct a search for a successor, the mortgage-finance giant said Chief Financial Officer David Benson had been promoted to president.

Mayopoulos has led Washington-based Fannie Mae since 2012, and lawmakers have ...