DOW JONES NEWSWIRES
Freddie Mac (FRE) named finance-industry veteran Charles E.
Haldeman Jr. as chief executive to replace interim CEO John
Koskinen.
The Wall Street Journal reported last month that Haldeman was
the choice to head the government-backed mortgage company, citing
people familiar with the situation.
Haldeman was chairman of Putnam Investment Management LLC until
June 30. Before that, he served as president and CEO of the
mutual-fund company.
Koskinen, who has been serving as Freddie's interim CEO since
March when David Moffett abruptly resigned from the post, will
return to his post as non-executive chairman.
Both Freddie and sister company Fannie Mae (FNM) are operating
under conservatorship, a legal process that gives the regulator the
power ordinarily held by the shareholders and boards while it tries
to restore the companies to financial health. All major business
decisions, and some minor ones, must be referred to the Federal
Housing Finance Agency for approval.
Koskinen said Tuesday that Haldeman had "a wealth of experience
in finance and an impressive record of successfully leading
companies through challenging transformations."
Haldeman said he believed Freddie was a critical part of the
solution to the country's housing problems, and looked forward to
working with the FHFA and the Obama administration to keep families
in their homes and aid the recovery from the downturn.
Freddie Mac's shares were recently down 2 cents at 60 cents.
-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353;
kerry.benn@dowjones.com