Fannie Mae Board Member Frater Selected to Serve as Interim CEO
- Mayopoulos to leave company Oct. 16 after six years in charge
- Former Berkadia CEO Frater joined Fannie Mae’s board in 2016
Photographer: Chris Rank/Bloomberg
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Fannie Mae has appointed Hugh Frater, a member of its board of directors, to serve as its interim chief executive officer after Timothy Mayopoulos steps down next week, the company said in a statement on Monday.
Frater, 62, has been a board member since 2016 and previously was chairman and CEO of Berkadia Commercial Mortgage LLC, Fannie Mae said. Berkadia is a joint venture of Berkshire Hathaway Inc. and Jefferies Financial Group Inc., according to its website.