Freddie Mac Names Diana Reid CEO

Dow Jones09-10

By Colin Kellaher

Freddie Mac has hired real-estate and financial-services industry veteran Diana Reid as the mortgage-finance giant's new chief executive.

Freddie Mac on Tuesday said Reid, who has more than four decades of banking, real-estate, capital-markets and affordable-housing experience, has also joined its board.

Reid, 69 years old, spent 12 years as an executive of PNC Financial Services Group's real-estate divisions before retiring in 2019 and most recently has been serving as an independent director and adviser to several organizations.

Freddie Mac said Reid's direct compensation as CEO will consist solely of a base annual salary of $600,000.

Freddie Mac's president, Michael Hutchins, has been serving as interim CEO since Michael DeVito retired in March, and will continue as president but will leave the board, the government-controlled lender said.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 10, 2024 09:13 ET (13:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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