Fannie Mae issued the following announcement on July 23.

Fannie Mae (FNMA/OTC) today announced the appointment of David Benson as President. In this role, Benson will report to the Chief Executive Officer (CEO) and manage the day-to-day business and operations of the company, including the ongoing execution of the company's strategy. In addition, the company announced that Celeste Brown has been promoted to Executive Vice President and Chief Financial Officer (CFO). Both appointments are effective August 6. The company also announced today that Timothy J. Mayopoulos has decided to step down as CEO by the end of the year.

Mayopoulos will remain CEO until his departure, and he will work closely with the Board of Directors to ensure a smooth transition and succession. As CEO, he will continue to set the overall enterprise vision and strategic direction of the company and serve on Fannie Mae's Board of Directors. The Board of Directors announced that it will conduct a search for a successor to Mayopoulos.

"Today's announcement reflects the Board’s interest in ensuring continuity and in continuing to pursue Fannie Mae's ongoing transformation," said Egbert L.J. Perry, Chairman of Fannie Mae’s Board of Directors. "I am grateful that we have an incredibly talented and experienced leadership team that is laying the foundation for a better, more innovative, safer, and more sustainable housing system for future generations."

"Tim has been an innovative and truly transformational leader, and I want to thank him for his continued service. During Tim's tenure as CEO, Fannie Mae has been profitable on an annual basis, paid the Treasury approximately $167 billion in dividends, and reduced risk to taxpayers," Perry said. "I am proud of what Fannie Mae has accomplished, and I have tremendous confidence in Tim, Dave, and the management team's ability to continue to move the company and the housing system forward."

"Dave is a natural choice for the President position," said Perry. "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."

"I am pleased with the depth of our bench as demonstrated by Celeste Brown's promotion," Perry added. "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."

Benson has been Fannie Mae’s Executive Vice President and Chief Financial Officer for the past five years. He was previously head of capital markets, securitization, and corporate strategy after having been the corporate treasurer. Prior to joining Fannie Mae in 2002, Benson was a managing director in the fixed-income division of Merrill Lynch & Co. During his 14-year tenure at Merrill Lynch, he held leadership positions in risk management, fixed-income and currency trading, debt syndication, and e-commerce.

Celeste Brown joined Fannie Mae one year ago as Senior Vice President and Deputy Chief Financial Officer. She is a seasoned finance and business executive who joined Fannie Mae following an 18-year career at Morgan Stanley. After 11 years as an equity research analyst, including coverage of financial institutions, Brown moved into enterprise level management positions of increasing responsibility at Morgan Stanley, including head of investor relations, before being named global treasurer.

Original source can be found here.