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 ...