Fannie Mae CFO David Johnson resigns
Fannie Mae executive vice president and chief financial officer David Johnson will resign from the company no later than the end of 2010, according to a company filing Tuesday.
Johnson made the announcement internally on Friday.
Until the company names a successor, deputy CFO David Hisey will once again assume the CFO role. Hisey last served as CFO until November 2008, when Johnson assumed the financial leadership role at the GSE.
Before joining Fannie, Hisey was CFO at the Hartford Financial Services Group and served for 12 years at Merrill Lynch in investment banking, according to the Fannie Mae website.
In the third quarter, Fannie reported $3.5 billion in losses in the third quarter, including a $2.5 billion dividend payment to the Treasury. From 2009 to the third quarter, Fannie set aside or realized $110 billion in losses on single-family mortgage loans.
"I have received David's decision with regret and with appreciation for his significant accomplishments during a challenging and critical period in the history of the company," Fannie Mae CEO Michael Williams wrote in an internal email to employees announcing the executive departure.
"Since joining Fannie Mae in 2008, David has worked diligently and successfully to help Fannie Mae respond to the housing finance crisis while developing strategies to enhance the finance function and prepare our company for the future. We will miss David's intellect, energy, and good humor."
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