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The McLean, Virginia-based Freddie Mac also revealed that Glauber would succeed Koskinen as interim non-executive chairman, effective March 13, when Koskinen takes over as the interim chief executive officer of Freddie Mac. Both the appointments are on an interim basis until the Freddie Mac board appoints a permanent chief executive officer. Glauber initially joined the Freddie Mac board of directors in 2006.
Koskinen has been serving as non-executive chairman of Freddie Mac since September 2008. Prior to joining Freddie Mac, Koskinen was president of the United States Soccer Foundation for four years, deputy mayor and city administrator of Washington, DC from 2000 to 2003.
Earlier and from 1998 to 2000, Koskinen served as assistant to the president and chair of the President's Council on Year 2000 Conversion and deputy director for management of the Office of Management and Budget from 1994 to 1997.
Koskinen also worked as a senior executive of the Palmieri Co., including serving as president and chief executive officer. Further, Koskinen serves on the boards of the AES Corp. (AES | Quote | Chart | News | PowerRating), and American Capital, Ltd. (ACAS | Quote | Chart | News | PowerRating).
Glauber is a retired chairman and chief executive officer of the National Association of Securities Dealers, where he served from 2001 to 2006. Glauber is currently a lecturer at Harvard's Kennedy School of Government and a visiting professor at the Harvard Law School.
Earlier, Glauber also served as executive director of the task force appointed by President Reagan to report on the 1987 stock market break. Glauber has served on the board of the Federal Reserve Bank of Boston, a number of Dreyfus mutual funds, the Investment Company Institute, and as president of the Boston Economic Club.
Glauber is also a director of Moody's Corp.(MCO | Quote | Chart | News | PowerRating), and lead director of XL Capital Ltd. (XL | Quote | Chart | News | PowerRating). Prior to that, Glauber has been a senior advisor at Peter J. Solomon Co., an investment bank, since November 2006.
The outgoing chief executive officer, David Moffett, who would continue to pursue his career in the financial services sector, joined Freddie Mac as chief executive officer in September 2008. Moffett retired as vice chairman and chief financial officer of U.S. Bancorp (USB | Quote | Chart | News | PowerRating) in 2007, having served the company in this capacity since 1993. Moffett also served as a senior advisor at The Carlyle Group after his retirement from U.S. Bancorp.
Prior to joining U.S. Bancorp, Moffett was a senior vice president and assistant treasurer in Corporate Treasury at BankAmerica Corp. Moffett joined BankAmerica in 1992 as a result of the merger with Los Angeles-based Security Pacific Corp where he served as senior vice president and director of Corporate Treasury. Moffett also is a director of eBay, Inc. (EBAY | Quote | Chart | News | PowerRating)
In early September, the U.S. government took over control of Freddie Mac and Fannie Mae in a move to bolster the housing markets and protect the financial system. As per the bailout plan, the Federal Housing Finance Agency assumed the power to manage the companies and the Treasury Department offered $5 billion of mortgage-backed securities.
Freddie Mac, along with Fannie Mae, was put into conservatorship by the Federal Housing Finance Agency and pledged about $200 billion in taxpayer support as the companies' accounting and losses threatened to erode capital and further damage the housing markets.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the residential mortgage markets. The company makes money by holding mortgage assets and on guarantees of mortgage-backed securities created out of loans bought from lenders.
In Wednesday's regular trading session, FRE is trading at $0.41, down $0.01 or 1.52% on a volume of 1.69 million shares. In the past 52-week period, the stock has been trading in a broad range of $0.25 to $34.22.
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