David M. Brickman will become CEO of Freddie Mac, effective July 1.

He takes over for retiring Donald H. Layton, who joined the housing finance company in 2012.

David Brickman
David Brickman

Last September, the company’s board of directors announced Brickman’s promotion to president and Layton’s intent to retire in the second half of 2019. The board then conducted a search for Layton’s successor, which included Brickman as well as external candidates.

Following the search process, the board has selected Brickman to be the next CEO. The Federal Housing Finance Agency, as Freddie Mac’s conservator, has approved this decision, according to the government-sponsored enterprise.

“The board engaged in a multi-year succession process to ensure we selected the right leader, and David is an outstanding choice to serve as our next CEO,” said Sara Mathew, chair of Freddie Mac’s board. “He is an exceptional business leader, having demonstrated great strategic and execution skills as the long-time head of our multifamily business. He led the process of driving credit risk transfer and attracting private capital to finance multifamily housing while protecting the American taxpayer. More recently, he has also impressed the board with his work as president. David is well respected within the company and the industry and is the best choice to lead Freddie Mac going forward.”

As president, Brickman has been responsible for all three of the company’s business lines—single-family, multifamily, and capital markets.

Prior to that, Brickman was the head of Freddie Mac Multifamily during a period when annual production grew from $16 billion in 2010 to almost $80 billion in 2018 and the organization increased from 300 staff members in four offices to approximately 1,000 employees in a dozen locations across the country. He also established the company's flagship K Deal securitization program as one of the leading securitized products in the structured finance markets.

Deborah Jenkins was named to head the multifamily business last year.

Before joining Freddie Mac in 1999, Brickman co-led the mortgage finance and credit analysis consulting group at PricewaterhouseCoopers.