Occupation Banker, executive Name David Moffett | Role Businessman | |
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Born February 22, 1952 (age 72) ( 1952-02-22 ) Alma mater Oklahoma
Southern Methodist Education Southern Methodist University, University of Oklahoma Similar People Pierre Omidyar, Scott D Cook, John Donahoe, Meg Whitman, Richard K Davis | ||
David McKenzie Moffett (born February 22, 1952) is an American businessman and was formerly the CEO of Freddie Mac. He was previously an executive with U.S. Bancorp. He also served as senior advisor to the Carlyle Group, and has been a director at eBay since July 2007. On March 2, 2009, Moffett announced his resignation as CEO of Freddie Mac.
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He is currently on the board of directors of CSX, CIT Group, eBay, and Columbia Funds, while serving as the lead director of PayPal. He is an advisor to Bridgewater Associates.
Career
Moffett holds a bachelor's degree from the University of Oklahoma and a MBA from Southern Methodist University. He joined Star Banc Corporation in 1993 as CFO, from Bank of America. He became CFO of Firstar Corporation when Firstar merged with Star Banc in 1998. In 2001, when Firstar merged with U.S. Bancorp and retained the U.S. Bancorp name, he became the company's Vice Chairman and CFO.
In 2007, Moffett retired from U.S. Bancorp. In September 2007, he was hired by the Carlyle Group to serve as senior advisor to their financial services group. In September 2008, he became CEO of Freddie Mac, receiving the job after the federal government took over the ailing company and ousted its leadership.
Retirement from Freddie Mac
Freddie Mac announced on March 2, 2009, that Moffett, its chief executive officer, had notified the chairman of the board of directors of his resignation from his position as chief executive and as a member of the board effective no later than March 13, 2009. The board of directors is working with the Federal Housing Finance Agency (FHFA) to appoint a successor to Moffett. Moffett indicated that he wants to return to a role in the financial services sector. In his letter of resignation, he said, "I have enjoyed my time as CEO of Freddie Mac and I wish all the great employees the very best in the days to come."
John Koskinen, chairman of the board, said "We are very sorry to see David go. He made valuable contributions to Freddie Mac as the company transitioned into conservatorship." Koskinen also said, "We expect to name an interim CEO before March 13 to assume David's responsibilities once he leaves." He added, "The board remains fully committed to ensuring the company continues its critical role in supporting the housing finance system during this difficult economic period."
Management continues to estimate that FHFA, in its capacity as conservator of Freddie Mac, will submit a request to the United States Treasury to draw an additional amount of approximately $30 billion to $35 billion under the Senior Preferred Stock Purchase Agreement between Freddie Mac and Treasury, following the timely filing of the company's annual report on Form 10-K with the Securities and Exchange Commission.