A Matter of Succession

Jonathan Plutzik has been appointed as the Chair of Fannie Mae's Board of Directors, effective December 12, the government-sponsored enterprise (GSE) announced on Monday. Plutzik succeeds Egbert L. J. Perry who will step down on December 19, 2018, following his completion of 10 years of service on the Board.

“I am pleased to announce Jonathan Plutzik as the new Chair of Fannie Mae’s Board of Directors,” Perry said. “Jonathan’s long-standing service and experience on the Board will provide the company with deep institutional knowledge and valuable guidance as the company moves forward with its mission to provide access to safe, affordable mortgage financing in the United States.”

Plutzik joined the Fannie Mae Board of Directors in November 2009. During his tenure, he has served as Vice Chair of the Board of Directors, Chair of the Risk Policy & Capital Committee, Vice Chair of the Strategic Initiatives & Technology Committee, and as a member of the Compensation Committee.

The GSE said that Perry has been a Fannie Mae Director since December 2008 and was appointed Chair of Fannie Mae’s Board of Directors in March 2014. Absent a waiver, the Federal Housing Finance Agency’s corporate governance regulations limit service on Fannie Mae’s Board of Directors to 10 years or age 72, whichever comes first.

“We greatly appreciate the strong leadership, passion, and integrity Egbert has brought to Fannie Mae over the last 10 years. Egbert played an essential role in leading the transformation of Fannie Mae into the company it is today. Our employees, customers, and stakeholders can be truly proud of how far we have come as a company as we fulfill our mission of partnering with lenders to provide safe, sustainable, and competitive financing for homes and apartments across the country, helping to improve the lives of millions of Americans,” said Hugh R. Frater, Interim CEO at Fannie Mae. “Jonathan’s appointment as Chair brings stability and continuity to the company, and we look forward to continuing our progress in his new role. The Board and the company will benefit from Jonathan’s insights and commitment to continuing the great strides we have made over the past decade.”

Plutzik has served as Chairman of Betsy Ross Investors, LLC since 2005. He previously served in various positions with Credit Suisse Group for 24 years before retiring as Vice Chairman in 2002.

“I am honored by this appointment and thank Egbert for his strong leadership, integrity, and great work as Chair,” Plutzik said. “I look forward to continuing working with the Board of Directors and our talented management team as they advance our mission to provide liquidity, stability, and affordability to the U.S. housing market and develop innovative solutions to solve America’s housing challenges.”