(Bloomberg) - Sheila Bair, a former bank regulator known for her vocal critiques of Wall Street, is stepping down as chair of mortgage giant Fannie Mae on May 1.
She will be succeeded by Michael Heid, who worked in Wells Fargo & Co.’s mortgage-lending business for about a decade before retiring in 2016, Fannie Mae said in a statement Friday. The company also announced that President David Benson will take on the additional role of interim chief executive officer, replacing Hugh Frater, who is retiring and leaving the board.
Fannie Mae’s board is commencing a search for a permanent CEO, according to the statement. Congress created a potential hurdle to attracting candidates in 2015 when it capped compensation for the leaders of Fannie Mae and Freddie Mac at $600,000 a year. The companies have been under government control since 2008.
Bair, 68, led the Federal Deposit Insurance Corp. throughout the financial crisis, as the agency responded to hundreds of bank failures.
By Jesse Westbrook
