The Board of Directors of Freddie Mac has announced the selection of real estate and financial services industry veteran Diana Reid to serve as the company’s new CEO, effective immediately. Reid will also serve as a member of Freddie Mac’s Board of Directors. President and Interim CEO Michael Hutchins will continue as the company’s President.
Reid brings more than four decades of banking, real estate, capital markets and affordable housing experience to Freddie Mac. She spent nearly 12 years leading PNC Financial Services Group’s real estate business division through the financial crisis and on to a period of significant growth.
“I am pleased to announce that Freddie Mac’s Board of Directors concluded its comprehensive search and selected Diana Reid as the company’s next CEO,” said Lance Drummond, Non-Executive Chair of Freddie Mac’s Board of Directors. “Diana’s proven track record and vast experience in housing finance, real estate and capital markets make her an excellent choice to further Freddie Mac’s mission-driven work. I have the utmost confidence that she is the right person to take Freddie Mac into the future.”
Prior to her executive role at PNC, Reid founded Beekman Advisors, where she provided real estate finance company owners, CEOs and boards strategic advice and M&A execution. She spent nearly 20 years at the investment bank formerly known as Credit Suisse First Boston in Mortgage Trading, Debt Capital Markets, and Financial Institutions Advisory.
“It is an honor to join Freddie Mac and lead the company as it carries out its vital role in the housing finance market,” said Reid. “I look forward to working with the Board, management and my colleagues at Freddie Mac to continue and expand the company’s contributions in providing liquidity, stability and affordability for housing in communities across the country, and to ensure the company’s safety and soundness for the next generation.”
Reid is a member of the Board of Directors of Welltower Inc., the advisory board of Pittsburgh Opera, and a founding board member of The Denyce Graves Foundation.
“I am delighted that Freddie Mac has selected Diana Reid as its next CEO,” said Federal Housing Finance Agency (FHFA) Director Sandra L. Thompson. “Diana brings with her decades of experience in mortgage banking and capital markets, as well as a proven track record of executive leadership. I look forward to working with her to build upon Freddie Mac’s mission to promote affordable housing throughout the country in a safe and sound manner. I am also grateful to Mike Hutchins for his leadership during this interim period as Freddie Mac completed its search for a permanent CEO. I look forward to working with the Freddie Mac team to ensure a smooth transition.”
Back in March, Freddie Mac appointed Hutchins to the additional role of Interim CEO as the company continued its search for a permanent CEO. Hutchins was named to the Interim CEO role following the departure of then CEO Michael J. DeVito, who stepped down March 15.
“On behalf of the Board, I thank Mike Hutchins for his leadership as Interim CEO, which provided necessary stability and continuity for Freddie Mac’s important work,” added Drummond. “We are delighted to benefit from his continued leadership as the company’s President.”
Reid earned her Bachelor of Science degree from California State University, and her Master of Business Administration degree from University of Virginia’s Darden School of Business.
