Freddie Mac Announces Michael T. Hutchins as Interim CEO

Rhea-AI Summary

Freddie Mac appoints President Michael T. Hutchins as Interim CEO, adding him to the Board of Directors. Hutchins, with 30 years of financial services experience, will take on the role starting March 16, following the departure of CEO Michael J. DeVito.

MCLEAN, Va., March 15, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced that the company has appointed President Michael T. Hutchins to the additional role of Interim Chief Executive Officer (CEO) as the company continues its search for a permanent CEO. He also will become a member of Freddie Mac’s Board of Directors.

Hutchins was named President of Freddie Mac in 2020 and is a member of the company's Senior Operating Committee. He will continue serving as President and will take on the role of Interim CEO and Board member effective March 16, following the previously announced departure of CEO Michael J. DeVito, who will step down on March 15.

“Mike Hutchins is a proven leader who brings a deep understanding of every aspect of Freddie Mac to the role of Interim CEO,” said Lance Drummond, non-executive Chair of Freddie Mac’s Board of Directors. “In addition to his knowledge of Freddie Mac, Mike’s decades of experience in housing and financial services is invaluable as the company navigates a challenging market to Make Home Possible for borrowers and renters across the nation.”

Hutchins has worked in the financial services industry for over 30 years. He began his career at Freddie Mac in 2013, serving as Senior Vice President and then Executive Vice President of Investments and Capital Markets. In 2020, he was named President of Freddie Mac, overseeing the company's Single-Family, Multifamily, Investments & Capital Markets and Enterprise Operations & Technology divisions. Previously, Hutchins was co-founder and CEO of PrinceRidge and held senior positions at UBS and Salomon Brothers. Read his full bio here.

Drummond added, “I thank Mike for stepping up to lead the company as we continue a thorough search for a permanent CEO. I also want to thank outgoing CEO Michael DeVito for his commitment to Freddie Mac’s mission, and we wish him well in his next chapter.”

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT: Christopher Spina
703-388-7031
Christopher_Spina@FreddieMac.com

FAQ

Who has Freddie Mac appointed as the Interim Chief Executive Officer (CEO)?

Freddie Mac has appointed President Michael T. Hutchins as the Interim Chief Executive Officer (CEO).

When will Michael T. Hutchins assume the role of Interim CEO?

Michael T. Hutchins will assume the role of Interim CEO effective March 16.

What is Michael T. Hutchins' background in the financial services industry?

Michael T. Hutchins has over 30 years of experience in the financial services industry. He began his career at Freddie Mac in 2013 and has held various senior positions in the industry.

What are Michael T. Hutchins' responsibilities at Freddie Mac?

Michael T. Hutchins currently serves as President of Freddie Mac, overseeing various divisions including Single-Family, Multifamily, Investments & Capital Markets, and Enterprise Operations & Technology.

Who will be stepping down as CEO of Freddie Mac?

CEO Michael J. DeVito will be stepping down from his role at Freddie Mac on March 15.