David M. Moffett

For the American financier and industrialist, see David Moffat. For the Australian rules footballer, see David Moffatt. For the English businessman for the Welsh Rugby Union, and Australian National Rugby League, see David Moffett. For the rugby league footballer for Ireland, and Hull, see David Moffat (rugby league).
David M. Moffett
Born (1952-02-22) February 22, 1952
Alma mater Oklahoma
Southern Methodist
Occupation Banker, executive

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.[1]

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 BankAmerica Corporation.[2] He remained CFO of Firstar Corporation when that company merged with Star Banc in 1998.[3] In 2001 when Firstar merged with U.S. Bancorp and retained the U.S. Bancorp name he was the company's Vice Chairman and CFO.[4] Moffett, along with the senior management team of U.S. Bancorp, created one of the largest banks in the U.S.

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.[5] 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."[1]

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."[1]

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.[1]

References

  1. 1 2 3 4 "Chief of Freddie Mac Resigns". The New York Times. March 3, 2009. Retrieved May 1, 2010.
  2. ↑ "David Moffett named as chief financial officer of Star Banc Corporation". Business Wire. 1993-09-01.
  3. ↑ "Star Banc Corporation, Firstar Corporation Agree to Merge, Creating $ 38 Billion Midwest Banking Franchise". Business Wire. 1998-07-01.
  4. ↑ "Firstar Corporation and U.S. Bancorp Complete Merger". U.S. Bancorp Press Release. 2001-02-27.
  5. ↑ "The Churn". The New York Times. 2007-09-14.

External links

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