David Moffett, the former U.S. Bancorp executive who was named to lead Freddie Mac last fall after the company was placed in government conservatorship, is returning as a consultant in the aftermath of the death of another top executive.
Moffett, who announced his departure from Freddie Mac in March to return to a role in the financial services sector, will assist interim CEO Josh Koskinen in directing the finance division and overseeing the release of financial statements, Freddie Mac said. A key goal is the timely release of first-quarter 2009 financial results, the company said.
Freddie Mac is the target of investigations by the Justice Department and Securities and Exchange Commission for accounting, disclosure and coporate governance issues that predate Moffett’s time as CEO (see story).
The company’s acting chief financial officer, David Brian Kellermann, was found dead at his home in Virginia Wednesday, the victim of an apparent suicide (see story).
"I am grateful to David for offering to assist us during this challenging time," Koskinen said in a statement. "David is well positioned to advise me in my oversight of the finance function. He knows the company well from his time as chief executive, and has built an impressive career in finance and accounting leadership as an executive with other leading public companies."
Freddie Mac will continue its search for a permanent chief financial officer to lead the finance division, the company said.
Moffett resigned in part because under government conservatorship, Freddie Mac needed regulators to sign off on any important decisions, and the company was subject to public policy mandates Moffett did not think were in Freddie’s best interests, the Wall Street Journal reported, citing unnamed sources.
Federal Housing Finance Authority Director James Lockhart, who is in charge of overseeing Freddie Mac and sister company Fannie Mae, said in a statement that he was "pleased and grateful" that Moffett had agreed to return as a consultant.
"All of the employees of Freddie Mac have shown their true professionalism during these painful days," Lockhart said. "They have our full support and our appreciation for their service."
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