Donald H. Layton will retire as CEO of Freddie Mac, effective July 1. The Board of Directors has tapped David M. Brickman to succeed him. Brickman will also become a member of the Freddie Mac board at that time.
According to a Freddie Mac statement, in September 2018, the board announced Brickman’s promotion to president and Layton’s intent to retire. The board also announced that it would conduct a search for Layton’s successor, which would include Brickman as well as external candidates. The Federal Housing Finance Agency, as Freddie Mac’s conservator, has approved this decision.
As president, Brickman, above right, is responsible for all three of Freddie Mac's business lines – single family, multifamily and capital markets – as well as the information technology and operations areas that support these business lines. Previously, Brickman was the head of Freddie Mac Multifamily, where he presided over a period of growth – raising annual production from $16 billion in 2010 to almost $80 billion in 2018 and increasing the organization from 300 staff members in four offices to approximately 1000 employees in a dozen locations across the country.
He also firmly established the company's flagship K Deal Securitization program as one of the leading securitized products in the structured finance markets. Brickman also drove significant innovation and an expansion in Freddie Mac's products and offerings – particularly those that serve the growing need for affordable and workforce housing.
Layton, above left, joined Freddie Mac as CEO in 2012. He has more than four decades of experience in financial services and as a corporate leader. He worked for nearly 30 years at JPMorgan Chase and its predecessors, starting as a trainee and rising to vice chairman and member of the three-person Office of the Chairman, retiring in 2004. More recently, from 2007 to 2009 he served as chairman and then CEO of E*TRADE Financial, which he shepherded through the financial crisis.