MCLEAN, Va., May 10, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today announced that its Board of Directors has appointed Donald H. Layton as chief executive officer and has elected him as a member of the Board of Directors. Layton will join the company on May 21, 2012.
Layton will assume leadership of Freddie Mac after a long career in banking and financial services. He worked for nearly 30 years at JPMorgan Chase and its predecessors, starting as a trainee and rising to vice chairman and a member of the three-person Office of the Chairman, retiring in 2004. More recently, he served as chairman & CEO of E*TRADE Financial, which he shepherded through the recent financial crisis. Additionally, he has been a member of the boards of several financial services firms and was a senior adviser to an industry association.
"Don brings strong executive leadership and a deep understanding of financial markets at a pivotal time for Freddie Mac," said Christopher S. Lynch, Freddie Mac's non-executive chairman. "His operating experience, analytical rigor and boundless energy make Don the right leader to continue our important work of supporting the nation's housing market and helping America's families, and to guide Freddie Mac in helping build a stronger framework for the future of housing finance."
Layton, 62, will succeed Charles E. "Ed" Haldeman, Jr. Haldeman has served as CEO since August 2009, and announced in October 2011 that he would be stepping down this year."I'm pleased that the Board was able to attract a private sector leader of Don's caliber," said Haldeman. "His capital markets and banking background coupled with his ability to manage large, complex organizations will serve him well as he leads Freddie Mac's 5,000 dedicated employees going forward."
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