Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Interim Chief Executive Officer
On March 20, 2025, U.S. Federal Housing FHFA (the Federal Housing Finance Agency), acting as conservator, appointed Freddie Mac (formally the Federal Home Loan Mortgage Corporation) (the ‘Company’) President Michael T. Hutchins to the dual role of President and Interim Chief Executive Officer, effective as of March 20, 2025. Mr. Hutchins also became a member of the Company’s Board of Directors on that date. Mr. Hutchins, 69, has served as our President since December 2020 after serving as our interim President beginning in November 2020. He has previously served as Freddie Mac’s interim CEO from March 2024 to September 2024. In his role as President, he oversees the Company's Single-Family, Multifamily, Investments and Capital Markets, and EO&T Divisions. He previously served as EVP - Investments and Capital Markets from January 2015 to November 2020 and as SVP - Investments and Capital Markets from July 2013 to January 2015. From 2007 to 2013, prior to joining Freddie Mac, Mr. Hutchins was Co-Founder and CEO of PrinceRidge, a financial services firm. Prior to founding PrinceRidge, he was with UBS Group AG from 1996 to 2007, holding a variety of senior management positions, including the Global Head of the Fixed Income Rates & Currencies Group. Prior to UBS, Mr. Hutchins worked at Salomon Brothers, Inc. from 1986 to 1996, where he held a number of management positions, including Co-Head of Fixed Income Capital Markets. Mr. Hutchins will serve in this role until the earlier of the appointment of a permanent CEO or June 20, 2025.
Removal of Chief Executive Officer
The Company also announced the departure of Chief Executive Officer, Diana Reid. Ms. Reid will no longer serve as a member of the Company’s Board of Directors (the 'Board'), effective as of March 20, 2025.
_____________________________________________________________________________________________________
Freddie Mac Form 8-K
