Mortgage lender Fannie Mae, taken over by the government on Sept. 7, announced
several resignations: chief business officer Peter Niculescu (pictured), executive vice president and general counsel Beth Wilkinson, executive vice president and chief information officer Rahul Merchant and senior vice president for government and industry relations Duane Duncan. Fannie did not say where the executives were headed or who was succeeding them. Niculescu took the CBO job a week before the government bailout. He was previously head of the capital markets business and joined Fannie in 1999 from Goldman, Sachs & Co.
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The firm's
three lines of business,
single-family mortgage guaranty, capital markets, and housing and
community development -- and their leadership -- will report directly
to president and CEO Herbert Allison Jr. Allison, a 30-year Merrill
Lynch & Co. vet, who took the job two weeks ago. Technology and
operations will report to chief operating officer Michael Williams. The
structure of government and industry relations is under review.
Additionally, The Washington Post reported Fannie Mae was
ending performance-based cash bonuses,
which had rewarded employees when the company met certain financial
targets, and will now introduce new cash rewards designed to retain
employees as it tries to recover.
Last week, the
Federal Housing Finance Agency appointed
Philip Laskawy as nonexecutive chairman of Fannie. The agency also
denied former Fannie CEO Daniel Mudd his "golden parachute" payment,
which Bloomberg estimated to be between $7 million and $9 million. -
Baz HiralalSee related story from WashingtonPost.com
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