Fannie Mae Welcomes New COO

Fannie Mae has announced the appointment of Peter Akwaboah as EVP and COO, effective May 20, 2024. Akwaboah has nearly 30 years of experience from across the financial services industry and will be responsible for Fannie Mae’s Chief Information Office, Enterprise Operations, Business Resiliency, and Enterprise Workplace and Security functions. In this role, Akwaboah will be a member of Fannie Mae’s Management Committee and report to CEO Priscilla Almodovar.

“Peter’s many years of experience and unique combination of technology and operations expertise will add to our deep leadership bench, and his wealth of experience and industry knowledge will bring great value to the company,” said Almodovar. “We look forward to the talent and experience he’ll bring to our technology and operations as we continue to respond to the needs of the market, carefully balancing innovation, risk management, and our commitment to our housing mission.”

Akwaboah is currently a Managing Director and serves as the COO of Technology and Head of Innovation at Morgan Stanley. In this role, he drives the technology strategy with a focus on fueling the firm’s innovation, effectiveness, and resilience. Akwaboah also has partnered with Morgan Stanley’s businesses to build on the firm’s technology investments and delivery opportunities to enable profitability. Akwaboah serves on the Board of the Morgan Stanley Foundation and is a member of the Federal Reserve Bank’s Payments Risk Committee.

Before joining Morgan Stanley in 2015, Akwaboah spent a decade at the Royal Bank of Scotland, as Asia Pacific COO of Operations, Technology, and Corporate Services. Prior to that, he held leadership roles in operations and technology at Deutsche Bank, KPMG, and IBM.

He also serves on the Boards of the Foundation of Orthopedics and Complex Spine and the Museum of American Finance. He has a Bachelor of Engineering in Civil Engineering from the University of Birmingham, England.

Fannie Mae recently reported a net income of $17.4 billion for 2023, and $3.9 billion for Q4 2023, according to the GSEs’ latest earnings report, with net worth reaching $77.7 billion as of December 31, 2023.

“The fourth quarter capped another successful year. Fannie Mae reported $3.9 billion in net income, marking our 24th consecutive quarter of positive earnings,” said Almodovar. “In 2023, we delivered $17.4 billion in earnings and continued to rebuild our capital and further strengthen our financial stability. It was a challenging year for housing, with higher mortgage rates, limited homes for sale, and high home prices weighing on affordability. Against this backdrop, we provided $369 billion in liquidity, helping 1.5 million households buy, refinance, or rent a home. As we close on our 85th year supporting America’s housing system, we remain committed to effectively managing risks and being a reliable source of mortgage credit for America’s homeowners and renters.”