Freddie Mac names Michael Hutchins interim CEO

Government-sponsored enterprise Freddie Mac announced Friday the appointment of President Michael Hutchins to interim CEO.

Hutchins will serve as both president and CEO, while the GSE continues its search for a permanent successor to Michael DeVito, whose final day at Freddie Mac was March 15. With the appointment, Hutchins also joins Freddie Mac's board of directors. 

Hutchins began his tenure with Freddie Mac in 2013 as senior vice president of investments and capital markets. Following subsequent promotions, Hutchins was tapped to serve as president in 2020, responsible for several divisions across the organization, including single-family, multifamily and investments and capital markets. 

"Mike Hutchins is a proven leader who brings a deep understanding of every aspect of Freddie Mac to the role of Interim CEO," said Lance Drummond, non-executive chair of Freddie Mac's board of directors, in a press release. 

"In addition to his knowledge of Freddie Mac, Mike's decades of experience in housing and financial services is invaluable as the company navigates a challenging market," Drummond added.

Before coming to Freddie Mac, Hutchins co-founded and headed investment bank Princeridge. Earlier in his career, he held roles at UBS, including as its global head of fixed income, rates and currencies, and Salomon Brothers.

Recent changes in the upper ranks of both Freddie Mac and Fannie Mae point to a wave of transitions at both GSEs, with the departures of several longtime executives, as the nation attempts to address ongoing supply and affordability challenges. Late last year, Fannie Mae's president also announced his exit, expected in the first half of 2024. Fannie Mae's CEO Priscilla Almodovar first stepped into the top role in late 2022.

Devito headed Freddie Mac for just under three years and announced in September 2023 he planned to leave before the end of the first quarter this year. Under his leadership, the company grew net worth, but questions surrounding the exit of both GSEs from conservatorship remained unanswered. Net worth grew to $47.7 billion at the close of 2023 compared to $37 billion a year earlier. In the fourth quarter, Freddie Mac posted a $2.9 billion profit. 

"I also want to thank outgoing CEO Michael DeVito for his commitment to Freddie Mac's mission, and we wish him well in his next chapter," Drummond said.

In addition to elevating Hutchins, Freddie Mac also recently welcomed another new face to its board of directors with the appointment of Ford Foundation executive Roy Swan. In January, previous member Alberto Musalem stepped down after being named president of the Federal Reserve Bank of St. Louis.