Freddie Mac announced that the company has appointed President Michael T. Hutchins to the additional role of Interim Chief Executive Officer (CEO) as the company continues its search for a permanent CEO. He also will become a member of Freddie Mac?s Board of Directors. Hutchins was named President of Freddie Mac in 2020 and is a member of the company's Senior Operating Committee.

He will continue serving as President and will take on the role of Interim CEO and Board member effective March 16, following the previously announced departure of CEO Michael J. DeVito, who will step down on March 15. Hutchins has worked in the financial services industry for over 30 years. He began his career at Freddie Mac in 2013, serving as Senior Vice President and then Executive Vice President of Investments and Capital Markets.

In 2020, he was named President of Freddie Mac, overseeing the company's Single-Family, Multifamily, Investments & Capital Markets and Enterprise Operations & Technology divisions. Previously, Hutchins was co-founder and CEO of PrinceRidge and held senior positions at UBS and Salomon Brothers.