Former Putnam Investments executive Charles "Ed" Haldeman will take over as chief executive officer of Freddie Mac in August, the company said, ending a months-long search for a replacement for David Moffett.
Moffett, who reportedly left the job in March in part because government regulators must sign off on major decisions, returned as a consultant a month later in the aftermath of the suicide of Freddie Mac’s acting chief financial officer, David Kellermann. Moffett assisted interim CEO Josh Koskinen in directing the finance division and overseeing the release of financial statements (see story).
Koskinen will resume his previous position as non-executive chairman of the board, the company said in a press release.
Haldeman served as the chairman of Putnam Investment Management LLC from July 2008 through the end of June, and previously served as president and CEO of Putnam Investments, leading the company in the aftermath of a 2003 market timing scandal.
Haldeman led an internal investigation into the practices of fund managers, which led to the company agreeing pay at least $193.5 million to settle regulators’ claims and reimburse shareholders, Bloomberg reported.
Throughout his career, Haldeman "has demonstrated the ability to resolve significant regulatory issues and establish strong operational and risk controls, skills that will translate well to the current needs at Freddie Mac," said Federal Housing Finance Agency Director James Lockhart, in a statement.
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