Mortgage financier ""Freddie Mac"":http://www.freddiemac.com/news/archives/corporate/2009/20090311_interim-ceo-koskinen.htmlxeCORP announced on Wednesday that its board of directors has named John A. Koskinen as the company’s interim CEO and Robert R. Glauber as its interim non-executive chairman. Both appointments will be effective upon the resignation of current CEO David M. Moffett, who said last week that he would resign from his position as chief and as a member of the GSE's board by March 13th.
Moffett stepped into the head spot at Freddie Mac in September, when the GSEs were seized by the federal government. After only six months at the reins, Moffett, a former U.S. Bancorp vice chairman, says he is leaving to return to a role in the financial services sector. According to a _""Washington Post"":http://www.washingtonpost.com_ report, Moffett's associates say he has grown frustrated with the tight control the government has wielded over Freddie Mac during its conservatorship.
Interim CEO Koskinen had served as non-executive chairman of Freddie Mac since September 2008. Previously he was president of the United States Soccer Foundation for four years. From 2000 to 2003, Koskinen was deputy mayor and city administrator of Washington, D.C. Before that, he was an official within the Clinton administration, serving as assistant to the president, chair of the President's Council on Year 2000 Conversion, and deputy director of the Office of Management and Budget.
Prior to his government service, Koskinen worked as a senior executive of The Palmieri Company, including serving as president and CEO and participating in the restructuring of a range of large, troubled enterprises. Koskinen also serves on the boards of The AES Corporation, American Capital, Ltd., and the non-profit D.C. Education Compact.
Interim Chairman Glauber initially joined the Freddie Mac board of directors in 2006. He is a lecturer at Harvard's Kennedy School of Government and a visiting professor at the Harvard Law School. Previously, he served as chairman and CEO of the National Association of Securities Dealers. He has also been an undersecretary of the Treasury for finance, and served as executive director of the task force appointed by President Reagan to report on the 1987 stock market break.
Glauber has served on the board of the Federal Reserve Bank of Boston, a number of Dreyfus mutual funds, the Investment Company Institute, and as president of the Boston Economic Club. He also is a director of Moody's Corporation, a trustee of the International Accounting Standards Committee Foundation, and lead director of XL Capital Ltd. Glauber has been a senior advisor at investment bank Peter J. Solomon Co. since November 2006.
Freddie Mac's board of directors is working with the company's conservator, the ""Federal Housing Finance Agency"":http://www.fhfa.gov (FHFA), to appoint a permanent CEO. Following this decision, the board of directors said it expects Koskinen to return to the position of non-executive chairman.