Home / News / Government / Fannie Hires Bank Execs For Top EVP Posts
Print This Post Print This Post

Fannie Hires Bank Execs For Top EVP Posts

""Fannie Mae's"":http://www.fanniemae.com newly appointed president and CEO ""Michael J. Williams"":http://www.fanniemae.com/aboutfm/executives/williams.jhtmlxp=About+Fannie+Mae&s=Executives recruited three former bank executives to fill key management positions this week. To round out the company's leadership team, Williams has hired Timothy J. Mayopoulos, from Bank of America, as EVP, general counsel, and corporate secretary; Edward G. Watson, of Citigroup, as EVP of operations and technology; and Kenneth J. Phelan, formerly with Wachovia, as EVP of enterprise risk management.
Williams said, ""Each of these outstanding individuals brings extensive and distinguished experience in their respective fields to the critical positions they assume at Fannie Mae. We're very pleased that the company continues to attract top talent as we continue to build and realign our company to better serve the market and prevent foreclosures during these difficult economic times.""
Mayopoulos has 25 years of legal experience. Before joining Fannie Mae, he serves as EVP and general counsel at Bank of America for five years and was responsible for the delivery of all legal services for the Fortune 50, diversified financial services company. Prior to his position at Bank of America, Mayopoulos had tenures at Deutsche Bank and Credit Suisse First Boston. Before moving in-house, Mayopoulos was in private practice at Davis Polk & Wardwell. He is a graduate of the New York University School of Law and received his undergraduate degree from Cornell University.
Watson joins Fannie Mae with more than 25 years' experience in the financial services industry. He most recently served as global head of capital markets operations and ICG business services at Citigroup, where he was responsible for 5,600 employees in 70 countries. Prior to his tenure at Citigroup, Watson held senior positions at Republic Bank and Shearson Lehman Brothers. Watson has a master's degree in business administration from Hofstra University and a bachelor's in accounting from St. John's University.
Phelan's extensive background in risk management, most recently includes his role as senior EVP of the risk management group at Wachovia Corporation. Prior to Wachovia, he served as head of risk management services at JPMorgan Chase & Co. and held senior positions at UBS and Credit Suisse First Boston. Phelan is a graduate of the Villanova University School of Law and he holds a master's degree from Trinity College and an undergraduate degree from Old Dominion University.
Philip A. Laskawy, chairman of the board at Fannie Mae, said, ""We welcome Tim, Ed, and Ken to the company and we're very pleased to be able to fill these key positions with such quality individuals.""
Laskawy added, ""Fannie Mae continues to play a central role in the collective effort to prevent foreclosures, stabilize the markets, and hasten recovery. As we continue fulfilling this important mission, it is critical that we have a highly skilled leadership team in place moving forward. These appointments will strengthen the company and bolster our ability to fully execute the administration's Making Home Affordable plan.""

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

Check Also

Mandatory Flood Insurance Myths Debunked

A new intelligence report written by Scott Giberson, Principal of Product Compliance for CoreLogic, puts some common misconceptions about flood insurance under the microscope.