According to SEC filings, the recent changes in the Freddie Mac board included the removal of six members, including Lance Drummond, who served as the board chair, and Jane Prokop, a recent addition to the board. Pulte has now taken over as the board chair, along with new members Brandon Hamara, Clinton Jones, and Ralph “Cody” Kittle.
Meanwhile, Fannie Mae also saw eight board members being removed, with CEO Priscilla Almodovar and existing members Renée Lewis Glover, Karin Kimbrough, Manuel Sánchez Rodríguez, and Scott Stowell retaining their positions. The former chair, Michael Heid, has been replaced by new appointees Clinton Jones, Christopher Stanley from Elon Musk’s SpaceX, and Michael Stucky. Pulte will now serve as the chair of Fannie Mae’s board as well.
Freddie Mac has stated that they will provide information on any related party transactions and the new directors’ committee assignments in due course. On the other hand, Fannie Mae is yet to finalize any board assignments for the new members.
This story is still developing.