Freddie Mac has appointed a new president and chief operating officer, effective September 1.
Eugene M. McQuade, who most recently served as president of Bank of America Corp., will report to Freddie Mac chairman and CEO Richard F.Syron.
McQuade, 55, also has served as president and COO at FleetBoston Financial Corp. before helping to bring about the April 1, 2004 merger between that company and Bank of America. McQuade joined Fleet in 1992 and became chief financial officer in 1993. He was promoted to vice chairman in 1997 and became president and COO in 2002.
McQuade succeeds Paul T. Peterson, who will remain with the company as a senior advisor during the transition and then plans to retire.
McQuade’s hiring is the latest in a series of management changes led by Syron since joining Freddie Mac in January. In addition to hiring McQuade, the company has added a new executive vice president of investments, a new general counsel, a new chief of staff and a new general auditor.
Freddie Mac and McQuade have entered into an employment agreement, which provides for his employment as president and COO for an initial term of three years, subject to automatic extension for successive one-year periods unless either party gives notice that the extension will not uccur. Under the agreement, the company’s board of directors also will nominate McQuade for election as a member of the board. The Office of Federal Housing Enterprise Oversight has reviewed the terms of the agreement and has approved the termination benefits it provides, the company said.
Freddie Mac is a stockholder-owned corporation chartered by Congress.
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