Freddie Mac has announced that Lance Drummond will become Chair of its Board of Directors. A member of the Board since 2015, Drummond will succeed Sara Mathew, who will retire as Board Chair and as a Director in February 2024, as required by the company’s bylaws.
“Freddie Mac’s Board of Directors brings together outstanding leaders from across the country to advance the critically important work of providing liquidity, stability, affordability and equity to the housing market,” said Sandra L. Thompson, Director of the Federal Housing Finance Agency (FHFA). “The company is fortunate to have exceptional leaders, such as Sara Mathew and Lance Drummond, overseeing that effort.”
Drummond is an executive-level business leader with multi-industry and international experience—traveled and worked in 52 countries. He specializes in business transforming strategy development and execution and organizational change for business-to-business and business-to-consumer Fortune 500 companies, with demonstrated success in manufacturing, technology, and financial services industries.
Drummond currently serves as an Independent Director on the Freddie Mac Board, and serves on the GSE’s Audit, and Nominations and Governance Committees. In addition, he is also Chair of Freddie Mac’s Technology Working Group. He is a Board Trustee at the University of Rochester, serving on the Compensation and Compliance, Executive, Strategy and Finance Committees. He also chairs the Human Resources Committee of the University.
From September 2015-May 2017, Drummond was the Executive-in-Residence at Christopher Newport University’s Luter Business School, where he led and hosted the Luter Lecture Series. Additionally, he was a guest lecturer, advisor to the case competition team, provided career and professional development coaching to students and was senior advisor to the dean.
Drummond retired from TD Canada Trust in January 2015, where he was EVP of Operations and Technology, leading a team of associates who delivered personal and small business loan underwriting, funding, discharges, deposit operations, fraud management, collections, digitization and image transformation, service quality (Lean Six Sigma) and project management office services for Canadian Banking including retail, business, and wealth.
Prior to joining TD, Drummond was EVP of Human Resources and Shared Services at Fiserv, Inc., where he led the human resources function for Fiserv’s 20,000 employees. Additionally, he oversaw many of the company’s shared services, including Fiserv Global Services’ 2,800 employees, located in India and Costa Rica, Procurement and Corporate Real Estate.
Prior to joining Fiserv, Drummond was the Global Consumer and Small Business Banking eCommerce/ATM executive at Bank of America. Prior to his eCommerce/ATM role, Drummond was the Service and Fulfillment Operations executive for Global Technology and Operations. He led more than 19,000 associates who provided end-to-end operations support to 55 million consumer households, two million small business relationships, 200,000 commercial clients, 6,100 banking centers, and 18,000 ATMs.
Drummond began his career at Eastman Kodak company, where he held several senior management positions including Divisional VP and General Manager of Dental Products, Divisional VP and Regional General Manager of Professional Products–Latin American region, Corporate VP and COO of the Professional Products Division.
Drummond earned a Bachelor’s Degree in Business Management from Boston University, MBA from the Simon Business School at the University of Rochester, and MS degree in Management Science from MIT. He received the MIT Sloan Fellowship in 1994 and the Aspen Institute’s Henry Crown Fellowship in 1998.
He is also the Founder of Dreamseeds–a children’s performing arts program at YMCA of Greater Rochester. He was recipient of the Rochester Area Community Foundation Award in 2000, and Rochester Mayor Unsung Heroes Award in 2001. He also received the University of Rochester Simon Business School Distinguished Alumnus Award in 2005 and Charlotte American Diabetes Association Father of the Year in 2005.
“On behalf of FHFA, I wish to express my deep appreciation to Sara Mathew for her decade of service to Freddie Mac,” said Thompson. “Under her leadership, Freddie Mac became a stronger, more focused company that serves its mission by supporting affordable housing, reducing risks, building financial stability, and growing talent. I also congratulate Lance Drummond, who has established himself as a talented Director who cares deeply about Freddie Mac’s mission, and its employees who propel the company forward.”
Mathew joined Freddie Mac’s Board in 2013 and has served as Non-Executive Chair since 2019. A longtime corporate executive with global financial and management experience, Mathew retired as Chair and CEO of Dun & Bradstreet Corporation in 2013. In 12 years with the company, she had also served as President, COO and CFO. Prior to joining Dun & Bradstreet, Mathew served in finance and management positions at The Procter & Gamble Corporation.
“Lance and I have worked side-by-side on Freddie Mac’s Board for a number of years, and his deep knowledge of the company, understanding of its employees and dedication to the company’s mission make him an outstanding choice to serve as the next Board Chair,” said Mathew. “I look forward to working closely with Lance for the remainder of my term and I wish him–and Freddie Mac–nothing but the best as the company continues serving its critically important role in the mortgage market.”