Freddie Mac CEO David Brickman Resigns

Michael Hutchins, currently Freddie Mac’s executive vice president of investments and capital markets, will act as interim president.
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Freddie Mac  (FMCC)  shares fell Friday after the government-sponsored mortgage agency announced that CEO David Brickman resigned Monday, effective Jan. 8.

The company didn’t offer a reason for his departure. 

Freddie Mac shares traded down 2.29% on Friday to $1.71. The stock has slumped 43% this year amid the economic downturn. Home prices have soared, however, thanks to the coronavirus pandemic.

Michael Hutchins, currently Freddie Mac’s executive vice president of investments and capital markets, will act as interim president of the company, effective Monday. Hutchins, 64, will also continue with his previous responsibilities.

The company’s board will soon begin a search for a new CEO.