Fannie Mae Names Sheila C. Bair as New Chair of the Board of Directors
WASHINGTON, Nov. 4, 2020
WASHINGTON, Nov. 4, 2020 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced that Sheila C. Bair will succeed Jonathan Plutzik as Chair of Fannie Mae's Board of Directors, effective November 20, 2020. The Board unanimously passed a resolution appointing her Chair on October 28, 2020. Plutzik will remain on the Board of Directors.
"I am pleased to announce Sheila Bair as the new Chair of Fannie Mae's Board of Directors," said Jonathan Plutzik, outgoing Chair of the Board. "Sheila's deep well of experience will provide strong leadership as Fannie Mae works with the Federal Housing Finance Agency (FHFA) to exit conservatorship while simultaneously fulfilling our mission to provide access to safe, affordable mortgage financing. I note with pride the progress Fannie has made in all aspects of its operations since the last financial crisis and commend my fellow directors and Director Calabria for their unwavering commitment to making Fannie Mae a truly outstanding housing finance company."
Plutzik joined the Board in the aftermath of the 2008 financial crisis and served on the Risk Policy and Capital Committee, the Strategic Initiatives and Technology Committee, the Compensation Committee, and Vice Chair of the Board prior to being named Chair in 2018.
Bair joined the Fannie Mae Board of Directors in August 2019. During her tenure, she has served as a member of the Community Responsibility & Sustainability Committee, the Nominating and Corporate Governance Committee, and the Risk Policy and Capital Committee.
"Fannie Mae appreciates Jonathan's strong leadership over the last eleven years. He played an integral role in our response to the Coronavirus pandemic and has helped Fannie Mae improve its risk management capabilities, its governance, and meet important milestones as we work to exit conservatorship," said Hugh R. Frater, Chief Executive Officer. "Sheila is the perfect person to lead the Board and help guide the company as we continue to transition out of government control. She will help chart a course forward for the company while making sure we never forget our mission to support mortgage financing in a safe and sound manner."
"I am pleased and honored to be selected as Chair of this outstanding board and grateful to Jonathan Plutzik for his leadership. This is a pivotal time for Fannie Mae, and I look forward to working collaboratively with my colleagues in service of our ultimate client, the public," said Sheila C. Bair, incoming Chair of the Board.
Bair is currently a member of the Board of Directors of Host Hotels & Resorts, Inc. In addition, Ms. Bair is currently a member of the Board of Directors of the Bunge Limited. Ms. Bair also serves as Chair Emerita of the Systemic Risk Council, a public interest group that monitors progress on the implementation of financial reforms, and on the boards of Paxos Trust Company, LLC and its parent Kabompo Holdings, Ltd., and the Volcker Alliance. She previously was the Chair of the Federal Deposit Insurance Corporation. Additionally, she has served as the President of Washington College, a Senior Advisor to the Pew Charitable Trusts and DLA Piper, the Dean's Professor of Financial Regulatory Policy for the Isenberg School of Management at the University of Massachusetts-Amherst. She was an Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, Senior Vice President for Government Relations of the New York Stock Exchange, Commissioner of the Commodity Futures Trading Commission, counsel to the New York Stock Exchange, and counsel to Senator Bob Dole.
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