September 5, 2018 / 10:25 PM / 8 months ago

Freddie Mac CEO to retire in second half of 2019

FILE PHOTO: Donald Layton, CEO of Freddie Mac, speaks at the 2014 Milken Institute Global Conference in Beverly Hills, California April 28, 2014. REUTERS/Lucy Nicholson/File Photo

(Reuters) - Freddie Mac (FMCC.PK), the No. 2 U.S. mortgage finance company, said on Wednesday Chief Executive Officer Donald Layton would retire in the second half of 2019, after six years at the helm.

The company said its board had initiated a CEO succession plan and that it had identified David Brickman, head of Freddie Mac Multifamily, as the internal candidate. Brickman was also named President of Freddie Mac, effective immediately.

The board has also formed a search committee and will retain an executive search firm to seek outside candidates, Freddie Mac said.

Reporting by Nikhil Subba in Bengaluru

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