Fannie Mae recently had a change at one of its most important leadership positions when Tim Mayopoulos stepped down as CEO after serving in that role for more than six years, but it turns out that isn't the only change happening to the government-sponsored enterprise’s management this year.
Fannie Mae announced Monday that Egbert Perry is stepping down from his position as chair of the GSE’s board of directors.
Perry has served as board chair since December 2008 and was appointed chair of the board of directors in March 2014, but Federal Housing Finance Agency rules dictate that a GSE board member must step down after serving for 10 years.
Perry just crossed that 10-year threshold, which means he must vacate his position. And that’s just what Perry is about to do.
According to Fannie Mae, Perry will officially step down on Dec. 19, 2018, and his replacement will be a familiar name.
In conjunction with announcing Perry’s departure, Fannie Mae said that Jonathan Plutzik will be elevated to chair of the board.
Plutzik joined the Fannie Mae board of directors in November 2009. During his tenure, he has served as vice chair of the board of directors, chair of the risk policy & capital committee, vice chair of the strategic initiatives & technology committee, and as a member of the compensation committee.
Plutzik has also served as chairman of Betsy Ross Investors since 2005. He also spent 24 years with Credit Suisse before retiring as vice chairman in 2002.
“I am pleased to announce Jonathan Plutzik as the new Chair of Fannie Mae’s board of directors,” Perry said. “Jonathan’s long-standing service and experience on the board will provide the company with deep institutional knowledge and valuable guidance as the company moves forward with its mission to provide access to safe, affordable mortgage financing in the United States.”
Fannie Mae’s interim CEO, Hugh Frater, who took over when Mayopoulos stepped down, celebrated Perry and welcomed Plutzik to his new role.
“We greatly appreciate the strong leadership, passion, and integrity Egbert has brought to Fannie Mae over the last ten years. Egbert played an essential role in leading the transformation of Fannie Mae into the company it is today,” Frater said.
“Our employees, customers, and stakeholders can be truly proud of how far we have come as a company as we fulfill our mission of partnering with lenders to provide safe, sustainable, and competitive financing for homes and apartments across the country, helping to improve the lives of millions of Americans,” Frater continued.
“Jonathan’s appointment as chair brings stability and continuity to the company, and we look forward to continuing our progress in his new role,” Frater added. “The board and the company will benefit from Jonathan’s insights and commitment to continuing the great strides we have made over the past decade.”
As for Plutzik, he said that he’s looking forward to serving as chair.
“I am honored by this appointment and thank Egbert for his strong leadership, integrity, and great work as chair,” Plutzik said. “I look forward to continuing working with the board of directors and our talented management team as they advance our mission to provide liquidity, stability, and affordability to the U.S. housing market and develop innovative solutions to solve America’s housing challenges.”