Real estate and financial services industry veteran Diana Reid has been named CEO of Freddie Mac. She also will serve as a member of the government-sponsored enterprise’s (GSE’s) board of directors. Michael Hutchins, who had served as interim CEO, will continue in his role as president.
Reid has more than four decades of banking, real estate, capital markets, and affordable housing experience. She most recently served as an independent director and adviser to several organizations. She led PNC Financial Services Group’s real estate business division for nearly 12 years through the Great Financial Crisis and then on to a period of growth. Prior to that, Reid founded Beekman Advisors as well as spent nearly 20 years at the investment bank formerly known as Credit Suisse First Boston.
“Diana’s proven track record and vast experience in housing finance, real estate, and capital markets make her an excellent choice to further Freddie Mac’s mission-driven work,” said Lance Drummond, non-executive chairman of Freddie Mac’s board of directors. “I have the utmost confidence that she is the right person to take Freddie Mac into the future.”
Federal Housing Finance Agency director Sandra L. Thompson echoed the sentiment. “I am delighted that Freddie Mac has selected Diana Reid as its next CEO. Diana brings with her decades of experience in mortgage banking and capital markets, as well as a proven track record of executive leadership,” she said. “I look forward to working with her to build upon Freddie Mac’s mission to promote affordable housing throughout the country in a safe and sound manner.”
Reid said it is an honor to lead Freddie Mac as it plays its vital role in the housing market. “I look forward to working with the board, management, and my colleagues at Freddie Mac to continue and expand the company’s contributions in providing liquidity, stability, and affordability for housing in communities across the country, and to ensure the company’s safety and soundness for the next generation,” she noted.
In addition to her professional experience, Reid is a member of the board of directors of Welltower, the advisory board of Pittsburgh Opera, and a founding board member of The Denyce Graves Foundation.
Both Drummond and Thompson acknowledged Hutchins for his leadership as the GSE searched for a permanent CEO. “On behalf of the board, I thank Mike Hutchins for his leadership as interim CEO, which provided necessary stability and continuity for Freddie Mac’s important work,” noted Drummond. “We are delighted to benefit from his continued leadership as the company’s president.”
