Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Change in President
On November 9, 2023, David C. Benson, President of Fannie Mae (formally, the Federal National Mortgage Association), notified Fannie Mae that he intends to retire in early-to-mid 2024. On November 14, 2023, Fannie Mae's Board of Directors appointed Priscilla Almodovar, Fannie Mae's Chief Executive Officer, age 56, as President in addition to her role as Chief Executive Officer. Ms. Almodovar's appointment as President, which is subject to review by the Federal Housing Finance Agency ("FHFA"), will be effective the day following Mr. Benson's departure.
For a description of Ms. Almodovar's business experience, see "Directors, Executive Officers and Corporate Governance-Directors" in Fannie Mae's annual report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 14, 2023 ("2022 Form 10-K"). For a description of Fannie Mae's business relationships with Ms. Almodovar's former employer Enterprise Community Partners, Inc. and related entities, see "Certain Relationships and Related Transactions, and Director Independence-Transactions with Related Persons-Transactions with Enterprise Community Partners, Inc." in Fannie Mae's 2022 Form 10-K.
Changes in Chief Administrative Officer and General Counsel
Also on November 9, 2023, Jeffery R. Hayward, Fannie Mae's Executive Vice President and Chief Administrative Officer, notified Fannie Mae that he intends to retire on December 31, 2023. On November 14, 2023, Fannie Mae's Board of Directors appointed Stergios "Terry" Theologides, Fannie Mae's current Executive Vice President, General Counsel, and Corporate Secretary, to succeed Mr. Hayward as Executive Vice President and Chief Administrative Officer, effective the day following Mr. Hayward's departure. The Board also appointed Danielle McCoy, Fannie Mae's Senior Vice President, Deputy General Counsel and Deputy Corporate Secretary, to succeed Mr. Theologides as General Counsel and Corporate Secretary, effective upon Mr. Theologides assuming the role of Chief Administrative Officer. These appointments are subject to review by FHFA. Upon Ms. McCoy assuming her new role, Mr. Theologides will cease serving as General Counsel and Corporate Secretary.