Citing its plan for "an orderly board transition," Freddie Mac has announced that longtime director John B. McCoy will not stand for re-election to its board of directors at the July 15 stockholders' meeting.The plan is being carried out with the approval of the Office of Federal Housing Enterprise Oversight, the company's regulator, which has adopted corporate governance regulations relating to director term limits, Freddie Mac said. "John has been a stalwart of the Freddie Mac board since 1990," said Richard F. Syron, chairman and chief executive officer of the government-sponsored enterprise. "He has provided wise counsel through thick and thin, and has been a key figure in the organization's turnaround."
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