Freddie Mac Names Kenny M. Smith as Next Chief Executive — Update

By Katherine Hamilton

Federal Home Loan Mortgage, also known as Freddie Mac, named Kenny M. Smith as its next chief executive.

He is expected to start the role on Wednesday and would also serve as a board member, the government-backed mortgage provider said Tuesday.

Smith spent 27 years at Deloitte Consulting in numerous positions, including as vice chair, U.S. financial services industry leader. During his time at Deloitte, he managed advising for Wells Fargo.

His appointment comes after former Chief Executive Diana Reid departed in March following an order from the Federal Housing Finance Agency. She had started the role in September 2024 under the Biden Administration, but left after William Pulte took the helm of the FHFA.

Freddie Mac President Michael Hutchins has been serving as interim chief executive since Reid's exit. He will continue as president after Smith succeeds him as CEO, the company said.

Pulte has made significant leadership changes at both Freddie Mac and Fannie Mae since starting as the director of the FHFA, which oversees both entities.

Fannie Mae's former Chief Executive Priscilla Almodovar stepped down in October. Earlier in the year, the FHFA removed eight members from Fannie Mae's board and six members from Freddie Mac's board. As part of the change, Pulte took a seat on both boards.

Pulte has also moved to shake up other elements of the mortgage companies, including potentially initiating public offerings for Fannie and Freddie.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

December 16, 2025 15:06 ET (20:06 GMT)