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With CEO Hugh Frater Retiring, David Benson Named to Lead Fannie Mae

With CEO Hugh Frater Retiring, David Benson Named to Lead Fannie Mae
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Fannie Mae chair Sheila Bair leads trio of departures from the GSE s board

A former Wells Fargo executive will replace Bair next month as part of a broader shakeup of the government-sponsored lender's leadership ranks. Chief executive Hugh Frater is also stepping down.

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A big leadership shakeup at Fannie Mae

Fannie Mae’s CEO, Hugh Frater, and Sheila Bair, the chair of its board, both announced they will resign from the mortgage finance behemoth. Here's who will replace them.

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Fannie Mae Chair Bair, CEO Frater to leave May 1

Former Wells Fargo executive Michael Heid is the new chairperson, while David Benson, currently president, also becomes interim chief executive.

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Fannie Mae Board Chair Sheila Bair Announces Leadership Transitions: Michael J Heid to Succeed her as New Chair, David C Benson to Succeed Hugh Frater as Chief Executive Officer (Interim)

/PRNewswire/ Fannie Mae (OTCQB: FNMA) Board Chair Sheila C. Bair has announced her decision to resign effective May 1, and that the Board has unanimously.

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