Fannie Mae Adds Officers to Finance Division

Eight of the appointees will be in the controller's office.
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Fannie Mae

(FNM)

added nine new officers to the company's finance division, eight of whom will be in the controller's office.

The controller's office, led by Senior Vice President and Controller David Hisey, includes four major functions -- financial controls and systems, financial reporting, accounting operations, and valuation and price verification.

"As we make these changes, we are working very closely with

the Office of Federal Housing Enterprise Oversight," the company said in a press release. "Adding new talent and implementing stronger financial controls are important steps in fulfilling the company's commitments."

The new officers include R. Scott Blackley, senior vice president, accounting policy, who will join Fannie Mae in June from

America Online

; Mary B. Doyle, senior vice president, financial controls and systems, who returns to the company in June from

Sallie Mae

; Gregory H. Kozich, senior vice president, accounting; Paul A. Noring, senior vice president, finance; and James Kelly Ardrey Jr., vice president for assets accounting, who is joining the company from

SunTrust

.

Kozich and Noring previously worked for

PricewaterhouseCoopers

.

In December, the

Securities and Exchange Commission

told Fannie Mae to restate four years of earnings, essentially ratifying an earlier OFHEO finding that the government-sponsored entity used improper accounting to value derivatives.

The company said the appointments represent the "first phase of implementing a very significant reorganization, which the board has approved. Reorganizing and strengthening our finance area is a top priority as we progress through the review, re-audit and restatement process."

Last week, Fannie Mae said it wouldn't file its first-quarter report with regulators on time.