Freddie Mac (FRE) director Barbara Alexander will not seek re-election to the company’s board when her term expires in March, the government-sponsored enterprise (GSE) announced Monday. She is only one of three directors that remained on Freddie’s board when the Federal Housing Finance Agency (FHFA) took over as conservator in September 2008. Since conservatorship, Alexander has worked to recruit new board members and a new management team. She also chairs the Business and Risk Committee and sits on the Compensation and Executive committees. Alexander will serve as director through Freddie’s March 19, 2010 board meeting. “Barbara has provided an invaluable service to this company during a particularly challenging five-year period for Freddie Mac and the housing industry,” said John Koskinen, chairman of Freddie Mac's board of directors. “Her leadership and knowledge of the company was especially helpful in providing transition and management continuity this past year while the company has been in conservatorship.” Koskinen will head the search for Alexander’s replacement. Alexander is currently an independent consultant. Before that, she was a senior advisor to UBS Warburg and managing director of the North American construction and furnishings group in the corporate finance department of UBS and held various positions at Salomon Brothers, Smith Barney, Investors Diversified Services, and Wachovia Bank and Trust. Write to Austin Kilgore. The author held no relevant investments.