Tuesday, November 25, 2008

Fannie Mae names Johnson chief financial officer

WASHINGTON- Fannie Mae (FNM) (FNM) said Tuesday it named David Johnson to serve as the mortgage giant's chief financial officer and executive vice president, beginning immediately.

Johnson joins the company from Hartford Financial Services Group, where he served as chief financial officer and executive vice president.

His predecessor at Fannie Mae, Stephen Swad, left the company in August and was temporarily replaced by David C. Hisey, formerly Fannie's senior vice president and controller.

Hisey will stay on in his role as executive vice president and deputy chief financial officer. Hisey joined Fannie Mae in January 2005 as senior vice president and controller.

Incoming CFO Johnson has previously held the post at Cendant Corp. and also worked in the investment banking unit at Merrill Lynch.

Fannie Mae and sibling company Freddie Mac (FRE) (FRE) were seized by federal regulators in September. The two companies, which own or guarantee around half of the $11.5 trillion in U.S. outstanding home loan debt, operate in a conservatorship that enables the government to inject up to $100 billion in each company in exchange for ownership stakes of almost 80 percent.

Shares of Fannie Mae jumped 9 cents, or 19 percent, to 56 cents in aftermarket trading. The stock gained 13 cents, or 38 percent in the regular session to end at 47 cents. The stock has traded as low as 30 cents and as high as $40.45 earlier in the year.