WASHINGTON, D.C. — Fannie Mae has appointed David Benson as president and promoted Celeste Brown to executive vice president and chief financial officer (CFO). Both appointments are effective August 6. In conjunction with the promotions, the agency also announced that its CEO, Timothy Mayopoulos, will step down by the end of the year.
Benson joined Fannie Mae in 2002 and for the past five years served as executive vice president and CFO. As president, Benson will report to the CEO and manage the day-to-day business and operations of the agency. Prior to joining Fannie Mae, he held leadership positions at Merrill Lynch.
“Dave is a natural choice for the president position,” said Egbert L.J. Perry, chairman of Fannie Mae’s board of directors. “He is an excellent leader who has held a variety of senior positions in his 16 years at Fannie Mae. He has deep expertise in the company’s business, the mortgage market and operations.”
Brown joined Fannie Mae one year ago as senior vice president and deputy chief financial officer, following an 18-year career at Morgan Stanley.
“I am pleased with the depth of our bench as demonstrated by Celeste Brown’s promotion,” said Perry. “Celeste has made great contributions to our finance team since she joined Fannie Mae, and I am confident she will continue to move the company forward as the new CFO.”