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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 14 December 2023 M O V E R S & S H A K E R S Government FANNIE MAE PRESIDENT DAVID BENSON TO RETIRE F annie Mae has announced a series of leadership changes fol- lowing decisions by two veteran executives that they will soon retire from the company. Fannie Mae President David C. Benson announced that he will retire in early to mid-2024 after 21 years of serving in a wide range of positions, including Interim CEO, CFO, EVP–Capital Markets, and Treasurer. In addition to Benson's retirement, Chief Administrative Officer Jeffery R. Hayward an- nounced his intention to retire as of December 31, 2023, after 36 years with Fannie Mae during which he also led the company's Multifamily business and its National Servicing Organization. Upon Benson's departure, CEO Priscilla Almodo- var, who joined the company last year, will assume the additional title of President. In this expanded capacity, she will directly manage the company's two business units: Single-Family, led by EVP Malloy Evans, and Multifamily, led by EVP Michele Evans. "Dave Benson and Jeff Hayward have each brought an enormous amount of leadership and technical expertise to Fannie Mae in their decades of service," Federal Housing Finance Agency (FHFA) Director Sandra L. Thompson said. "Their many contributions have posi- tioned Fannie Mae to excel in serving its mission of providing affordable and sustainable housing to creditworthy homeowners and renters while also ensuring the safety and soundness of the Enterprise. I am confident that Fannie Mae, under Priscilla's leadership, will build upon their efforts and effectively fulfill this mission, and I congratulate Terry and Danielle on their well-de- served new roles. I wish Dave and Jeff the best in their future endeavors, and I look forward to working with Fannie Mae's leadership to ensure a smooth transition." Fannie Mae has also announced Current General Counsel Terry Theologides will succeed Hayward as Chief Administrative Officer,and Danielle McCoy will become the new General Counsel & Corpo- rate Secretary. McCoy currently serves as SVP, Deputy General Counsel & Deputy Corporate Secretary. Theologides has been General Counsel & Corporate Secretary for more than four years, and previously served in senior roles at CoreLogic and Morgan Stanley's mortgage businesses. As Chief Administrative Officer, he will be responsible for a broad range of Fannie Mae's operations, including Economic & Strategic Research, the ESG team, Gov- ernment & Industry Relations, Legal, and Marketing & Communications. "We're deeply grateful to both Dave and Jeff for their leadership and decades of service," said Michael J. Heid, Chair of Fannie Mae's Board of Directors. "As they depart, we are implementing our succes- sion plans and streamlining our leader- ship structure to continue advancing our strategy and our mission to serve home- Movers & Shakers owners, renters, and the housing market as a whole. The Board is very pleased that Priscilla will take on this greater role, draw- ing on her wide-ranging experience and proven commitment to our mission." As President of the GSE, Benson is responsible for several corporate func- tions, including information technology, human resources, and communications. He also serves on the Board of Managers of Common Securitization Solutions, a Fannie Mae and Freddie Mac joint venture. From May 2022 until December 2022, Benson concurrently served as Fannie Mae's Interim CEO and President, and a member of the Board of Directors. Prior to being appointed Fannie Mae's President in 2018, Benson was EVP and CFO. Before joining Fannie Mae in 2002, Benson was a Managing Director in the Fixed-Income Division of Merrill Lynch & Co. During his 14-year tenure, he held leadership positions in risk management, fixed-income and currency trading, debt syndication, and e-commerce based in New York and London. "I'm honored, and I'm excited about the path forward," Almodovar said. "Fan- nie Mae is well-prepared for these tran- sitions thanks to thoughtful succession planning and the strong leadership corps that Dave, Jeff, and others have helped develop through the years. Dave's and Jeff 's achievements have left a lasting im- print on our company and our industry, and we are grateful for their leadership and contributions. Our bench of leaders is deep, and I look forward to continuing to grow our talent and working with Ter- ry and Danielle in their new roles." In his role as Chief Administrative Officer, Hayward is responsible for all of Fannie Mae's mission-critical work on affordable housing and Environmen- tal, Social, and Governance, and leads the Human Resources and Enterprise Workplace functions. He has held this position since August 2020. From 2012- 2020, Hayward was Fannie Mae's EVP and Head of Multifamily, responsible for all of the company's multifamily business functions. Previously, Hayward was SVP—National Servicing Organization, responsible for the company's relation- ships with mortgage servicers, with a focus on curtailing credit losses. McCoy Theologides Almodovar Hayward Benson