By Katherine Hamilton

Fannie Mae Chief Executive Priscilla Almodovar has stepped down as the Trump administration considers selling shares of the mortgage giant.

Peter Akwaboah, chief operating officer, was named acting CEO while the board looks for a permanent successor, Fannie Mae said Wednesday. John Roscoe and Brandon Hamara were also promoted to co-presidents.

All of the leadership changes are effective immediately.

"We now have a deep bench of three experienced leaders at the very top of Fannie Mae," board chair Bill Pulte said. "This means a safer, sounder Fannie Mae, all while growing our great Fortune 25 Company."

Almodovar became chief executive in December 2022. Akwaboah has worked at Morgan Stanley as head of operations for global technology.

The leadership change comes as the Trump administration considers selling stock in Fannie Mae and Freddie Mac. The two companies, which bundle and sell mortgages, have been under government control since the 2008 global financial crisis.

It is unclear whether the companies would remain under government conservatorship if the White House went ahead with a public offering.

In March, the Federal Housing Finance Agency, which regulates Freddie and Fannie, removed eight members of Fannie's board and added four new ones, including FHFA director Bill Pulte as chair.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

October 22, 2025 17:56 ET (21:56 GMT)

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