Changes Underway in Freddie Mac's Governance
In a joint press release issued WednesdayrnFreddie Mac and the Federal Housing Finance Agency (FHFA) announced that threernmembers of Freddie Mac’s board would be leaving their positions over the nextrnfew months. Two, John Koskinen, thernboard chairman, and Robert Glauber whornis currently Chairman of the Governance and Nominating Committee, will bernretiring in February having reached Freddie Mac’s mandatory retirement age. The third, Laurence E. Hirsch recentlyrnannounced that he will not be seeking re-election when his current termrnexpires. </p
To promote a smooth transition, ActingrnFHFA Director Edward J. DeMarco said that Christopher Lynch, the currentrnChairman of the Audit Committee will replace Mr. Koskinen as Chairman effectivernat the December 2011 board meeting. </p
Inrnaddition to the board changes, Current Freddie Mac Chief Executive OfficerrnCharles E. “Ed” Haldeman Jr. recently informed the board of his desire to steprndown once a suitable transition can be established. DeMarco has asked the outgoing and incomingrnboard chairs to work with the board and FHFA on developing a succession planrnfor the position of CEO. </p
Christopher Lynch is retired as arnpartner with KPMG, LLP and is a director of the American International GrouprnInc., where he became a member of the AIG board after that Company received anrninfusion of funds from the U.S. Treasury Department.
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