The Chief Executive Officer of Freddie Mac (OTCQB:FMCC (OTC:FMCC)), Michael J. DeVito, announced his intention to retire in 1Q 2024 on Friday. With this announcement, the Board of Directors has initiated a search for a successor, anticipating a smooth transition.
Sara Mathew, Chair of Freddie Mac's Board of Directors, expressed the board's deep appreciation for DeVito's leadership and contributions to the company. "We are very saddened to hear of Michael's departure," Mathew said, "Above all, Michael demonstrated a true passion for the company's mission and drove meaningful progress in making homes possible for homebuyers and renters in communities across the nation."
Freddie Mac, a government-sponsored entity, is committed to providing liquidity, stability, affordability, and equity in the housing market throughout all economic cycles. Since its inception in 1970, it has aided tens of millions of families in buying, renting, or keeping their homes.
Following the announcement of DeVito's planned retirement, shares of Freddie Mac were trading at 0.64 euros on the Stuttgart Stock Exchange, marking an increase of 3.23%.
The forthcoming leadership change marks a significant moment for Freddie Mac as it continues its mission to make home ownership possible for families across the nation. The Board will ensure a seamless transition as it embarks on the search for a new CEO to lead the organization into its next chapter.
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