Freddie Mac chief executive officer David Brickman notified the company this week that he is stepping down from the role he has held since just last year, Freddie announced Friday in an SEC filing. Brickman’s resignation will be effective January 8.
Freddie gave no reason for Brickman’s decision in the filing, though a spokesman told the Wall Street Journalthat it was a “personal decision.” The SEC filing said, “The Board will also be launching a search for a new CEO for Freddie Mac.”
Following the notification, Freddie appointed Michael T. Hutchins interim president, effective Monday. Hutchins, 64, has served as Freddie Mac’s Executive Vice President – Investments and Capital Markets since January 2015, and prior to that, he served as Senior Vice President – Investments and Capital Markets from July 2013 to January 2015.
Hutchins previously worked at PrinceRidge, UBS and Salomon Brothers.
In his new role, Freddie said, “Hutchins will continue to lead the Investments and Capital Markets business. In addition, the leaders of the company’s Single-Family, Multifamily, Human Resources, Information Technology, Administration, and Enterprise Operations divisions will report to Mr. Hutchins, and he will have such additional responsibilities as determined by the Board of Directors. There will be no change to Mr. Hutchins’s compensation in connection with this appointment.”