Mortgage lender firm Fannie Mae's CEO Timothy J. Mayopoulos will leave the company by the end of the year, according to a July 23 statement.
The announcement comes as the company reorganizes its leadership team with a new president and CFO. Mr. Mayopoulos will remain CEO until Jan. 1 as the company's board searches for his successor.
"Tim has been an innovative and truly transformational leader, and I want to thank him for his continued service," Egbert L.J. Perry, chairman of Fannie Mae's board of directors, said. "During Tim's tenure as CEO, Fannie Mae has been profitable on an annual basis, paid the Treasury approximately $167 billion in dividends, and reduced risk to taxpayers."
In addition to Mr. Mayopoulos' scheduled departure, Fannie Mae named David Benson president. Mr. Benson was the firm's executive vice president and CFO for the past five years. His successor will be Celeste Brown, who joined Fannie Mae a year ago as senior vice president and deputy CFO.
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