Fannie Mae's Vice Chair Jamie Gorelick to Step Down in July; CFO Timothy Howard to Become Vice Chairman
WASHINGTON--(BUSINESS WIRE)--Jan. 10, 2003
Fannie Mae (NYSE:FNM), the nation's largest source of financing for home mortgages, today announced that Vice Chair Jamie Gorelick has advised the company she will step down on July 1, 2003, to devote substantial time to the bipartisan national commission investigating the attacks of September 11, 2001 and to pursue other interests.
The company also announced that its Executive Vice President and Chief Financial Officer Timothy Howard, will succeed Gorelick as Vice Chair, and will be nominated to be elected to the Board of Directors at the annual meeting in May.
"Jamie Gorelick's leadership is a big reason why Fannie Mae is a great company that achieves its mission of bringing the American Dream to all Americans," said Fannie Mae's Chairman and CEO Franklin D. Raines. "Jamie's unwavering focus on our corporate responsibility has made Fannie Mae the market leader in serving minority and lower-income families, a model corporate citizen, and one of America's best places to work."
"All of us at Fannie Mae are extremely proud of Jamie's commitment and service to the company and her devotion to the American Dream business," Raines said. "But we are also proud of her lifelong devotion to public service and her commitment - and the unique contributions she will make - to helping our nation understand and learn from the events that led to the searing tragedy of September 11th. We appreciate her dedication to the company and to our nation, and we will deeply miss her presence at Fannie Mae."
Gorelick joined the company in May 1997 as Vice Chair. As a member of the Office of the Chairman, she has shared responsibility for the overall management of the company, directed its efforts to reach underserved markets and has overseen Fannie Mae's external relationships, legal and regulatory affairs.
"This has been an extremely hard decision for me because I am so proud of the role that our company plays in the housing finance system," Gorelick said.
"However, I was very honored to have been asked to serve on the bipartisan national commission that will investigate the prelude to the attacks that occurred on September 11th. This Commission has an important responsibility to our nation as we seek to understand what went wrong in order to avoid attacks of this nature in the future. I have come to the conclusion that fulfilling my duty to this Commission is not compatible with the full-time commitment required of a Vice Chair of Fannie Mae," Gorelick said.
Gorelick has a long and extensive history of public service. Prior to joining Fannie Mae, she was Deputy Attorney General of the United States, a position she assumed in March 1994. From May 1993 until she joined the Justice Department, Gorelick served as General Counsel of the Department of Defense, and from 1979 to 1980, she was Assistant to the Secretary and Counselor to the Deputy Secretary of Energy.
Read the rest of this press release at its source on Find Articles or Business Wire.
View profile information for Jamie Gorelick as a member of the September 11th National Commission on Terrorist Attacks on the United States.
View Jamie Gorelick's profile as an attorney at Wilmer Hale.
Read the prepared statement of Jamie S. Gorelick.
Read an ABC news article about Jamie Gorelick's comments on the 9/11 Commission report card.