Changes Underway in Freddie Mac's Governance

In a joint press release issued Wednesday Freddie Mac and the Federal Housing Finance Agency (FHFA) announced that three members of Freddie Mac's board would be leaving their positions over the next few months.  Two, John Koskinen, the board chairman,  and Robert Glauber who is currently Chairman of the Governance and Nominating Committee, will be retiring in February having reached Freddie Mac's mandatory retirement age.  The third, Laurence E. Hirsch recently announced that he will not be seeking re-election when his current term expires. 

To promote a smooth transition, Acting FHFA Director Edward J. DeMarco said that Christopher Lynch, the current Chairman of the Audit Committee will replace Mr. Koskinen as Chairman effective at the December 2011 board meeting. 

In addition to the board changes, Current Freddie Mac Chief Executive Officer Charles E. "Ed" Haldeman Jr. recently informed the board of his desire to step down once a suitable transition can be established.  DeMarco has asked the outgoing and incoming board chairs to work with the board and FHFA on developing a succession plan for the position of CEO.

Christopher Lynch is retired as a partner with KPMG, LLP and is a director of the American International Group Inc., where he became a member of the AIG board after that Company received an infusion of funds from the U.S. Treasury Department.