Fannie Mae elected Michael Heid on Wednesday to be a member of its Board of Directors, but has yet to decide on which committees he will serve.
Previously, Heid served as the executive vice president of Home Lending for Wells Fargo. There, he served in several different positions at Wells Fargo Home Mortgage, the mortgage banking division at the company.
Some of these positions included president from 2011 to 2015, co-president from 2004 to 2011 as well as chief financial officer and head of Loan servicing. Heid’s career with Wells Fargo or its predecessors dates back to 1988.
Although Heid’s compensation from Wells Fargo in 2015 was not tied specifically to its business with Fannie Mae, the activity between the companies could have had an indirect impact on his compensation because he holds stock in Wells Fargo.
He has restricted stock units and performance share awards that will vest in 2017 and 2018, and the number of shares he will receive in respect to the performance share awards will be based on the company’s performance over a three-year period.
In addition, Fannie Mae conducts a significant amount of business with Wells Fargo. Due to this, the board decided that Heid serves as an independent director. Heid also agreed to refrain from discussing and acting upon any matters directly related to Wells Fargo.