Freddie Mac (FRE) named veteran finance executive Ross J. Kari
as its chief financial officer, completing recently appointed Chief
Executive Charles E. Haldeman's efforts to remake the
government-backed mortgage company's executive team.
Kari previously served as chief financial officer at Fifth Third
Bancorp. (FITB), a Cincinnati bank. He has also served in positions
at the Federal Home Loan Bank of San Francisco and Wells Fargo
& Co. (WFC).
Last month, the company appointed mortgage-industry veteran
Bruce M. Witherell as chief operating officer.
When he was appointed in July, Haldeman expressed eagerness to
build a management team at Freddie.
Separately, Fifth Third said it appointed Controller Daniel T.
Poston to succeed Kari, who was just appointed to the position in
November. Poston served as its interim financial chief for several
months last year. Poston joined Fifth Third in 2001.
Mark Hazel, Fifth Third's assistant controller, will serve as
interim controller.
Federal regulators seized control of Freddie Mac and sister
company Fannie Mae (FNM) last September. They are operating under
conservatorship, which gives regulators the power ordinarily held
by shareholders and boards, as they try to return to financial
health. Major business decisions, and some minor moves, must be
approved by the Federal Housing Finance Agency.
Freddie Mac's shares were up 0.5%, to $1.99 in after-hours
trading, while Fifth Third's dropped 0.5%, to $10.15.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com
