Fannie Mae CEO Timothy Mayopoulos to step down by year's end

Timothy Mayopoulos, president and chief executive officer of Federal National Mortgage Association (Fannie Mae).
Patrick T. Fallon | Bloomberg | Getty Images
Timothy Mayopoulos, president and chief executive officer of Federal National Mortgage Association (Fannie Mae).

Fannie Mae announced Monday that CEO Timothy Mayopoulos will step down from his role by the end of the year.

The company said Mayopoulos will remain in his role until he leaves the company. Fannie Mae's board said it will begin its search for his successor.

Fannie Mae also named CFO David Benson as president and deputy CFO Celeste Brown as executive vice president and CFO, effective August 6.

Egbert Perry, chairman of Fannie Mae's board of directors, said in a statement that these changes were made in the pursuit of "Fannie Mae's ongoing transformation."

Benson joined Fannie Mae in 2002, serving as head of capital markets, securitization, and corporate strategy and corporate treasurer prior to his tenure as chief financial officer. Benson was previously the managing director of Merrill Lynch's fixed-income division.

Brown joined Fannie Mae a year ago, after spending 18 years at Morgan Stanley where she served in a number of roles including head of investor relations and global treasurer.