9.12.2003: Meldung: Freddie Mac Names Chairman and CEO

Freddie Mac today announced that its board of directors has named Richard F. Syron as chairman and chief executive officer, succeeding Gregory J. Current Freddie Mac chairman Shaun F. O"Malley will become lead director on the company"s board. George D. Gould will remain as chairman of the board"s Governance Committee.

Syron, 60, is executive chairman of Thermo Electron Corporation and served previously as that company"s chairman and chief executive officer. Prior to that, he served for five years as chairman and chief executive officer of the American Stock Exchange. From 1989 to 1994 he served as the president of the Federal Reserve Bank of Boston, and from 1986 to 1988 as the president of the Federal Home Loan Bank of Boston. Earlier, he served as assistant to then- Federal Reserve Chairman Paul Volcker, and as Deputy Assistant Secretary of the U.S. Department of Treasury.
"Freddie Mac is a great company with an important public mission to help make homeownership more affordable for America"s families," said Syron. "I am a strong believer in that mission. Like many others of my generation, I grew up in a home my parents purchased with a VA mortgage. Because of that mission, the company has special rights and responsibilities. I am extremely eager to get to work, and we all realize there is much yet to be done to earn the full confidence of the public and all our stakeholders. I am encouraged that the company has completed its restatement of prior years" results, instituted a remediation program and, throughout, has maintained its safety and soundness and strong economic base. I am very confident of Freddie Mac"s future."

"Dick Syron has all three qualities we were looking for in a CEO: industry expertise, corporate leadership and public policy experience," said O"Malley, who led the special board committee overseeing the executive search process. "At Thermo Electron, he led a Fortune 500 firm with 11,000 employees, transforming a company with 24 separate subsidiaries spread among 6 industrial sectors into a single publicly-traded company in one industry - scientific instrumentation. At the American Stock Exchange, he seized new growth opportunities and restored investors" confidence by setting the highest ethical standards and removing companies that failed to meet those standards. At the Boston Federal Reserve, he was instrumental in restructuring New England"s banking system following the strains of the late 1980"s and early 1990"s. His experience at the Boston Fed and the Federal Home Loan Bank of Boston have given him a deep understanding of capital and mortgage markets, and his experience both at the Fed and the Treasury Department make him uniquely qualified to handle the management, financial and public policy issues before Freddie Mac.

"Dick Syron was our first choice and the only person to whom we offered the job. He has the unanimous support of the board of directors," continued O"Malley. "I look forward to working with him to complete the company"s remediation program, including ongoing timely and accurate financial reporting and registration of the company"s equity securities with the SEC." O"Malley said, "The board benefited from consultations with OFHEO director Armando Falcon, the federal safety and soundness regulator, throughout the search process." Syron earned his undergraduate degree at Boston College, and received his master"s and doctorate in economics at Tufts University. He is the author of approximately 35 publications on a wide variety of economic and financial issues, and is a trustee and former chairman of the board of trustees of Boston College and a trustee of the Woods Hole Oceanographic Institute. Commenting on the succession, Shaun O"Malley said, "The board is grateful to Greg Parseghian for his contributions to Freddie Mac during his years at the company. Under Greg"s leadership, Freddie Mac developed premier risk management strategies and capabilities that remain today as the core of the company"s safety and soundness regimen." O"Malley concluded, "The board would also like to recognize the efforts of the 4,000 men and women of Freddie Mac, who have successfully maintained the business and fulfilled our mission, while completing the re-statement of prior years" financial results."

Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities, Freddie Mac sustains a stable mortgage credit system and reduces the mortgage rates paid by homebuyers. Over the years, Freddie Mac has opened the doors for one in six homebuyers in America and two million renters.

Source: Freddie Mac
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