Freddie Mac has announced that a FleetBoston executive will be the mortgage giant's new chief operating officer and that 15-year veteran Paul Peterson is stepping down.Eugene M. McQuade will replace Mr. Peterson as president and COO. He will also serve on the board of directors, if approved by shareholders at the company's annual meeting in November. Mr. McQuade, 55, joined FleetBoston Financial Corp. in 1992 and became chief financial officer in 1993. He was promoted to president and COO in 2002. Bank of America completed its acquisition of FleetBoston in April. Mr. Peterson said he is preparing to move on to other interests, and he will serve as a senior consultant to help with Mr. McQuade's transition. Freddie Mac is recovering from a $5 billion accounting scandal and management shake-up. The company is desperately trying to repair and update its financial reporting and accounting systems so that it can file timely financial reports again. Freddie Mac chairman and chief executive Richard Syron said Mr. McQuade has a demonstrated expertise in financial services and "superb leadership skills." Freddie Mac can be found online at http://www.freddiemac.com.
