Fannie Mae’s chairman and CEO Franklin Raines is expected to step down this year from his position as a Time Warner board member, The Wall Street Journal is reporting today.

Raines has served on the Time Warner board since the company’s merger with America Online in 2001. He had previously been a director of America Online.

The Journal reports that people familiar with the situation say Raines is stepping down to focus more attention on Fannie Mae and other boards he serves on. Raines declined to comment for the article.


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