Outgoing chair retires in February 2024
Freddie Mac has announced that Lance Drummond will take over as the new chair of its board of directors in February 2024.
Drummond, a board member since 2015, will succeed current chair Sara Mathew upon her retirement. As board chair, Mathew has been instrumental in steering Freddie Mac towards bolstering affordable housing and financial stability, according to Sandra Thompson, director of the Federal Housing Finance Agency.
Thompson commended the leadership transition, stating, “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. The company is fortunate to have exceptional leaders, such as Sara Mathew and Lance Drummond, overseeing that effort.”
Drummond serves as chair of the board’s compensation and human capital committee and a member of the board’s executive, audit and operations and technology committees. His corporate tenure includes serving as executive vice president at TD Canada Trust until 2014, along with previous executive roles at Fiserv and Bank of America.
“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,” Mathew, who joined the Freddie Mac board in 2013 and has served as its non-executive chair since 2019, said in a statement. “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.”
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Mathew’s retirement in 2013 follows a notable career, including her tenure as chair and CEO of Dun & Bradstreet, and positions at The Procter & Gamble Corporation.
“On behalf of FHFA, I wish to express my deep appreciation to Sara Mathew for her decade of service to Freddie Mac,” Thompson said. “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.”
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