McQuade to Step Down at Freddie

Freddie Mac president and chief operating officer Eugene McQuade has unexpectedly turned down an offer to be the mortgage company's chief executive, and he plans to relinquish his executive duties Sept. 1.The former Boston commercial banker will continue to serve as a member of the board of directors. The announcement by Freddie Mac is particularly surprising because Mr. McQuade was widely expected to take over the CEO duties from CEO and chairman Richard Syron. Over the past year, Mr. McQuade has led Freddie's effort to repair its accounting systems, and the publicly traded company is expected to return to regular quarterly financial reporting this year. The first quarter 2007 report is scheduled to be released in June. "He's been a great partner for me, and his record here is impressive," Mr. Syron said. Freddie Mac also announced that board member Ronald Poe is retiring and that the board has nominated Nicholas Retsinas, the director of the Joint Center for Housing Studies at Harvard University and a former federal housing commissioner, to be a director.