Sheila Bair Plans to Step Down as Fannie Mae Chair Next Month

Sheila Bair, a former bank regulator known for her vocal critiques of Wall Street, is stepping down as chair of mortgage giant Fannie Mae on May 1.

She will be succeeded by Michael Heid, who worked in Wells Fargo & Co.’s mortgage-lending business for about a decade before retiring in 2016, Fannie Mae said in a statement Friday. The company also announced that President David Benson will take on the additional role of interim chief executive officer, replacing Hugh Frater, who is retiring and leaving the board.