Another Top Executive to Leave Freddie Mac

Another top executive at Freddie Mac has announced his intention to leave the company. Anthony Renzi, the company's executive vice president of Single-Family Business, Operations & Information Technology will leave Freddie Mac on May 11.   Chief Executive Officer Charles Haldeman announced last fall that he would leave the company as soon as a replacement could be identified and shortly thereafter three board members also announced their retirements. 

Renzi assumed his current position April, 2011 after serving for one year as executive vice president of Single-Family Portfolio Management (SFPM).  Prior to coming to Freddie Mac, Renzi served as chief operating officer of GMAC Residential Capital (GMAC RESCAP) and president of GMAC Mortgage.

The Federal Housing Finance Agency (FHFA) gave in to intense pressure from Congress in March and announced a new executive compensation program that would reduce top executive pay at Fannie Mae and Freddie Mac by nearly 75 percent from pre-conservatorship levels, eliminate bonuses, and establish a target for the CEOs of the two companies at $500,000.  FHFA said that the changes would reduce executive compensation to 50 percent below the median for comparable positions at private firms and had argued strenuously against the action saying it would make it difficult for it to retain top executive talent.

Renzi is a member of the company's management committee and reports directly to the Chief Executive.  His resignation was announced in a filing with the U.S. Securities and Exchange Commission on Monday.  The company has not yet issued a press release regarding his departure.