Fannie’s Shakeup, and New CFO, Gear for What’s Next

Current controller Hisey replaces finance chief Swad in broad change that realigns finance department, and installs a possible number-two to Daniel Mudd.

In Niculesco’s new position, he will be responsible for the oversight of the three Fannie Mae business divisions: Single-family Mortgage Guaranty, Capital Markets, and Housing and Community Development. In addition, he will oversee the implementation of the company’s capital management and credit-loss reduction plan.

“Peter Niculescu’s wide experience in the mortgage and capital markets, risk management, and global and domestic finance make him the right choice to oversee our business, capital and credit strategies through this difficult cycle, and move into a more solid future for housing and Fannie Mae,” said CEO Mudd.

As CFO, David Hisey will be responsible for ensuring the accuracy, integrity, and timeliness of the company’s financial reporting and accounting, and internal controls. In addition to the finance-chief duties, the company said he will work with Niculescu in carrying out Fannie Mae’s capital management plan to ensure the company remains in a solid capital position, the company said in its announcement.

Said Mudd: “David’s entire career in financial services, particularly in the mortgage industry, makes him uniquely prepared to become CFO. David’s perspective, experience and skills in mortgage finance will serve him well as he oversees the intersection of our two core objectives of capital and credit, and ensure that our financial reporting and disclosure reflect the highest standards. David, as Controller, has supervised and signed off on 26 quarters of our financial results, and his ability to manage the process and people is a huge plus.”

As chief risk officer, Shaw will have overall responsibility for credit, market, counterparty, and operational risk oversight for all business units within Fannie Mae. He also will oversee formulation of risk policies, and the measuring, reporting, and monitoring of the company’s risk profile. Prior to joining Fannie Mae in 2006 as senior vice president, credit risk oversight, Shaw was senior credit executive, consumer banking. Before that he was senior risk executive, policy, reporting, analytics and finance at JP Morgan Chase & Co., and previously was senior credit executive, consumer, for Chase Financial Services. In that role he was responsible for all the consumer bank’s credit risks.

Shaw also previously held senior risk management roles at GE/GE Capital, and served in several risk management roles during a 25-year career at Citibank.

New EVP Benson, who joined Fannie Mae in 2002, previously was managing director and head of E-commerce for the fixed-income division at Merrill Lynch.

The departing CFO, Swad, had been EVP and CFO for AOL prior to joining Fannie in 2007. At AOL, Swad was the financial advisor to divisional presidents and oversaw corporate strategy, financial planning and analysis, internal consulting, controllers, mergers and acquisitions, tax, divisional finance, corporate shared services, and facilities organizations. From 1998 through 2002, Swad had served in various corporate finance roles with Time Warner, and before that was a partner in KPMG’s national office in New York City.

He also had at one time been the deputy chief accountant at the Securities and Exchange Commission.


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