CEO to Resign from Mortgage Giant Freddie Mac

Successor to  be named by March 13

David Moffett served as vice president of U.S. Bancorp from 1993 to 2007.

Only six months after being appointed CEO of Freddie Mac, David Moffett says he will step down from his position.

Moffett was placed in the chief executive position in September, after the government took over the flailing mortgage finance company. Moffett says he will resign before March 13, and the company’s regulator  will name a successor before then.

Not a good sign

There are few details available about why Moffett has chosen to leave his post. News reports say only that he wants to return to the financial services industry. The company has said it will appoint a new head before Moffett leaves, but some analysts still say his departure is a bad sign.

“Whatever the reason Mr. Moffett has determined to leave, the abrupt departure with no replacement in hand is a negative indicator for the company,” said Jim Vogel, a strategist at FTN Financial Capital Markets in Memphis, Tennessee.

Sad to see him go

Based on comments from others within the company, it’s pretty clear that Moffett’s resignation is his decision. His performance at his post, to which he was appointed by Freddie Mac’s regulator, has been exceptional.

“We are very sorry to see David go. He made valuable contributions to Freddie Mac as the company transitioned into conservatorship,” said Freddie Chairman John Koskinen. ... click here to read the rest of the article titled "CEO to Resign from Mortgage Giant Freddie Mac"