Fannie Mae Restructures With Nine New Hires

WASHINGTON, DC-In an effort to make good on its promise to cooperate with the Office of Federal Housing Enterprise Oversight on restructuring its financial leadership, Fannie Mae has brought in nine new officers to its finance division. The move is intended to reorganize and reinforce internal accounting practices following last year’s discovery that the mortgage lender had been operating in violation of certain federal accounting regulations.

The new team consists of both new and pre-existing positions, and the new executives in those positions bring with them histories as experts in the finance and accounting worlds. America Online Inc.’s R. Scott Blackley will take on the role of senior vice president for accounting policy, while Mary B. Doyle will return to her old stomping grounds as senior vice president for financial controls and systems, after having left Fannie Mae for a stint at Sallie Mae. And PricewaterhouseCoopers LLP alums Gregory H. Kozich and Paul A. Noring come aboard as senior vice presidents for accounting and finance, respectively.

The five remaining hires take on the roles of vice president. Formerly of SunTrust, James Kelly Ardrey Jr. will be in assets accounting; BearingPoint Inc. alum Patricia Black will be in financial controls; and Select Portfolio Servicing Inc.’s Nigel D. Brazier will serve as business unit controller. Finally, James W. Horne, previously of BearingPoint Inc. joins Fannie Mae in accounting systems, while former Del Monte Foods Co. executive Nicholas Radesca will operate in financial reporting.

“This is the first phase of implementing a very significant reorganization, which the board has approved,” says H. Patrick Swygert, Fannie Mae board member. “Reorganizing and strengthening our finance area is a top priority as we progress through the review, re-audit and restatement process. We are addressing departmental roles and responsibilities, lines of reporting, segregation of duties, and independence and alignment of functions.”