Move marks a new chapter for leadership
Freddie Mac has officially named Diana Reid (pictured) as its new chief executive officer, effective immediately.
Along with her appointment as CEO, Reid will also join the company’s board of directors. Michael Hutchins, who has been serving as interim CEO since March, will continue in his role as president of government-sponsored enterprise.
Reid brings over four decades of experience in banking, real estate, capital markets, and affordable housing to her new role. Most recently, she served as an independent director and advisor to various organizations. Her career highlights include nearly 12 years leading PNC Financial Services Group’s real estate business through the financial crisis and a significant period of growth.
Lance Drummond, non-executive chair of Freddie Mac’s board of directors, expressed his confidence in Reid’s leadership.
“I am pleased to announce that Freddie Mac’s board of directors concluded its comprehensive search and selected Diana Reid as the company’s next CEO,” Drummond said in a Press release. “Diana’s proven track record and vast experience in housing finance, real estate and capital markets make her an excellent choice to further Freddie Mac’s mission-driven work. I have the utmost confidence that she is the right person to take Freddie Mac into the future.”
Drummond also praised Michael Hutchins for his steady leadership during the transition period.
“On behalf of the board, I thank Mike Hutchins for his leadership as interim CEO, which provided necessary stability and continuity for Freddie Mac’s important work,” he added. “We are delighted to benefit from his continued leadership as the company’s president.”
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Reid’s career spans decades across key roles in banking and real estate. Prior to her time at PNC, she founded Beekman Advisors, a firm providing strategic advice and M&A execution to real estate finance company owners, CEOs, and boards. She also spent nearly 20 years at Credit Suisse First Boston, working in mortgage trading, debt capital markets, and financial institutions advisory.
“It is an honor to join Freddie Mac and lead the company as it carries out its vital role in the housing finance market,” said Reid. “I look forward to working with the board, management and my colleagues at Freddie Mac to continue and expand the company’s contributions in providing liquidity, stability and affordability for housing in communities across the country, and to ensure the company’s safety and soundness for the next generation.”
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