Don Layton’s time as CEO of Freddie Mac will officially end this summer, the government-sponsored enterprise announced Thursday morning.

Layton has led Freddie Mac since 2012, but the GSE announced last year that Layton would be retiring at some point in the second half of 2019.

And Thursday, the GSE revealed exactly when Layton’s run as CEO will end, and who will replace him.

According to Freddie Mac, Layton will officially retire on July 1. And the GSE isn’t going far to find his successor. Replacing Layton on that day will be David Brickman, who was named president of Freddie Mac last year when Layton announced his intention to retire.

Before being promoted to president, Brickman ran Freddie Mac’s multifamily business. When Freddie Mac announced Layton’s plans to retire last year, the GSE said it planned to conduct a search for his successor that would include both external and internal candidates.

Many thought that Brickman’s promotion to president made his ascension to CEO a likely outcome, and that’s just what happened.

According to the GSE, the Federal Housing Finance Agency has approved Brickman’s promotion to CEO, setting the stage for Brickman to take over on July 1.

“The board engaged in a multi-year succession process to ensure we selected the right leader, and David is an outstanding choice to serve as our next CEO,” said Sara Mathew, chair of Freddie Mac’s board of directors.

“He is an exceptional business leader, having demonstrated great strategic and execution skills as the long-time head of our multifamily business. He led the process of driving credit risk transfer and attracting private capital to finance multifamily housing while protecting the American taxpayer,” Mathew continued.

“More recently, he has also impressed the board with his work as president,” Mathew added. “David is well respected within the company and the industry and is the best choice to lead Freddie Mac going forward.”

Layton also spoke highly of Brickman, stating that he is the “right choice” to lead Freddie Mac.

“David is a proven business builder, having taken Freddie Mac’s multifamily business to the preeminent position in that market. In all his work, he demonstrates a passion for the business, the mission and the people of Freddie Mac,” Layton said. “Everything I have seen during his tenure as President has convinced me that David is the right choice to serve as the next CEO and take Freddie Mac forward.”

As for Layton, he told HousingWire last year that he accomplished what he set out to do at Freddie Mac and plans on enjoying his retirement.

Prior to joining Freddie Mac, Layton led E-Trade Financial from 2007 through 2009. Earlier in his career, Layton spent many years with JPMorgan Chase, serving in various roles in his more than two decades with the bank.

And soon, Layton will officially retire.

“Don has been a remarkable leader during a period of tremendous change at Freddie Mac, and on behalf of the board and the company, I would like to thank him for his outstanding leadership over the last seven years,” Mathew said.

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