Freddie Mac has announced the appointment of President Michael T. Hutchins to the additional role of Interim CEO as the company continues its search for a permanent CEO. Hutchins will also become a member of Freddie Mac’s Board of Directors.
Hutchins was named President of the GSE in 2020, and is a member of the company’s Senior Operating Committee. He will continue serving as President, and will took on the role of Interim CEO and Board member effective March 16, following the departure of CEO Michael J. DeVito, who stepped down on March 15.
“Mike Hutchins is a proven leader who brings a deep understanding of every aspect of Freddie Mac to the role of Interim CEO,” said Lance Drummond, non-executive Chair of Freddie Mac’s Board of Directors. “In addition to his knowledge of Freddie Mac, Mike’s decades of experience in housing and financial services is invaluable as the company navigates a challenging market to Make Home Possible for borrowers and renters across the nation.”
Hutchins has worked in the financial services industry for more than 30 years. He began his career at Freddie Mac in 2013, serving as SVP and then EVP of Investments and Capital Markets. In 2020, he was named President of Freddie Mac, overseeing the company’s Single-Family, Multifamily, Investments & Capital Markets and Enterprise Operations & Technology divisions. Previously, Hutchins was co-founder and CEO of PrinceRidge, and held senior positions at UBS and Salomon Brothers.
“I thank Mike for stepping up to lead the company as we continue a thorough search for a permanent CEO,” Drummond added. “I also want to thank outgoing CEO Michael DeVito for his commitment to Freddie Mac’s mission, and we wish him well in his next chapter.”
