Fannie General Counsel to Take Pay Cut to Become CEO

Fannie Mae named its general counsel, Timothy Mayopoulos, as its next chief executive officer after he agreed to a sharp pay cut imposed by the mortgage-finance company’s federal regulator.  Mr. Mayopoulos, 53 years old, joined Fannie in April 2009 as general counsel and later added the position of chief administrative officer. His promotion to CEO caps a remarkable turnaround for the financial-services lawyer, who was unexpectedly fired by Bank of America Corp. on the eve of the bank’s acquisition of Merrill Lynch & Co. in 2008 to make room for Brian Moynihan, the general counsel who later became Bank of America’s chief executive.  Since joining Fannie, Mr. Mayopoulos has recused himself from dealing with any issues involving the bank, but that will be more difficult now that he is the CEO.

Wall Street Journal


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