Freddie Mac exec found dead at home
David Kellermann, 41, named CFO last fall
By Inman News, Wednesday, April 22, 2009.
A top Freddie Mac executive who'd worked at the company since 1992 was found dead at his home in Reston, Va., today, the victim of an apparent suicide.
David Brian Kellermann, 41, who became acting chief financial officer in September when Freddie Mac was placed in government conservatorship, leaves behind a wife and daughter.
"The Freddie Mac family is truly saddened by the news this morning of David Kellermann’s death," said the company's interim CEO, John Koskinen, in a statement. "We extend our deepest condolences to David’s family and loved ones for this terrible personal tragedy."
According to a company bio on Freddie Mac's Web site, Kellermann had been with Freddie Mac for more than 16 years, beginning as a financial analyst and auditor. He then worked for several years in the company's securities sales and trading unit, and held positions in the company's capital markets division.
Before he was named acting CFO, Kellermann was vice president of strategy execution and integration, and the Investments and Capital Markets division controller.
A graduate of the University of Michigan who also held a master's of science degree in finance from George Washington University, Kellermann was a volunteer board member of the D.C. Coalition for the Homeless.
Koskinen said Kellermann's "extraordinary work ethic and integrity" were inspiring, but that he would be most remembered for his "affability, his personal warmth, his sense of humor and his quick wit."
As acting chief financial officer, Kellermann was responsible for Freddie Mac's financial controls, financial reporting, tax, capital oversight, and Sarbanes-Oxley compliance, and oversaw the company's annual budgeting and financial planning processes.
Police have not confirmed Kellermann's death was a suicide, but ABC News reported that he was found hanging in his basement this morning. ABC noted that Kellermann had been selling off his shares in Freddie Mac in recent months for a fraction of their former value.
According to an SEC filing, the 38,861 shares of Freddie Mac Kellermann owned as of April 11 were worth about $33,400 at Tuesday's closing price of 86 cents per share. Those same shares would have been worth about $2.9 million as recently as May 2007, when Freddie Mac was trading at $67 a share.
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Submitted by Lori Bee , NC/SC Broker on April 22, 2009 - 1:06pm.
While I am truly sad for the loss of this promising young man's life, and even sadder for his family, I am deeply disturbed at the possible reasons for why he did this, and what knowledge he possibly took with him to the grave. Especially in light of his recent attempts at selling this stock. I fear that there will be much more to this story as time goes along. I hope for all of our sakes, that I am totally wrong.
Again, my deepest sympathies to his family.
LORI BEE - BEE REALTY
Owner,BIC,ABR,CSP,e-PRO,RLI
Lori@BeeRealty.com
Submitted by A C Rothrock on April 22, 2009 - 4:51pm.
I cannot imagine the anguish the family of Mr. Kellerman must be experiencing at this point. My condolences to his wife and daughter.
I must point out that the financial crisis has significantly affected every household in the United States, and to hold a position so crucial to the rejuvenation of the American economy must prove dramatically stressful and burdensome. To a citizen of such standing and responsibility to perform his demanding duties in restoring the people of the United States to confidence and empowerment is a task matchless in its complexity and historical relevance. He accepted his appointment to CFO in the midst of unprecedented turbulence, and his memory will preserve his dignity and braving the economic maelstrom of recent times.
If there is any honor in succumbing to the pressure of a global challenge, may it be placed upon the mantle of an individual only as faultless as any man, clear in his ambition, one in his prime, one facing the possibility of failure with a nation at stake. He was one who tragically left his family and country on the front lines of the insurmountable conflict every American must suppress. Though others may suffer, others must engage on a personal level, and the price is perhaps too costly.
May he rest in peace.