Freddie Mac Names Finance Veteran Haldeman To CEO Post

   DOW JONES NEWSWIRES 
 

Freddie Mac (FRE) named finance-industry veteran Charles E. Haldeman Jr. as chief executive to replace interim CEO John Koskinen.

The Wall Street Journal reported last month that Haldeman was the choice to head the government-backed mortgage company, citing people familiar with the situation.

Haldeman was chairman of Putnam Investment Management LLC until June 30. Before that, he served as president and CEO of the mutual-fund company.

Koskinen, who has been serving as Freddie's interim CEO since March when David Moffett abruptly resigned from the post, will return to his post as non-executive chairman.

Both Freddie and sister company Fannie Mae (FNM) are operating under conservatorship, a legal process that gives the regulator the power ordinarily held by the shareholders and boards while it tries to restore the companies to financial health. All major business decisions, and some minor ones, must be referred to the Federal Housing Finance Agency for approval.

Koskinen said Tuesday that Haldeman had "a wealth of experience in finance and an impressive record of successfully leading companies through challenging transformations."

Haldeman said he believed Freddie was a critical part of the solution to the country's housing problems, and looked forward to working with the FHFA and the Obama administration to keep families in their homes and aid the recovery from the downturn.

Freddie Mac's shares were recently down 2 cents at 60 cents.

-By Kerry Grace Benn, Dow Jones Newswires; 212-416-2353; [e-mail]