Fannie Exec to Switch Hats

Fannie Mae has announced that its chief credit officer, Adolfo Marzol, will assume the post of senior vice president of strategy and competitive analysis on Sept. 1.Mr. Marzol, who has held the post of chief credit officer since 1998, said he had expressed a desire to move to a new position and that Fannie Mae had accommodated him. "I am pleased to be able to make this change at a time when our credit portfolio is in exceptionally good shape and our credit outlook for 2004 is very favorable," he said. Timothy Howard, Fannie Mae's vice chairman and chief financial officer, said the company will move ahead with a plan to shift responsibility for transactional risk management to its business units while strengthening the integration of its financial risk assessment capabilities at the corporate level. "As part of these changes, Marzol's responsibilities will be divided among the enhanced credit teams within each business unit, the Risk Policy Committee chaired by Howard, and a newly created finance department called Credit Finance," Fannie Mae said. The government-sponsored enterprise can be found online at http://www.fanniemae.com.