Fannie Mae Shakes Up Executive Ranks

August 27, 2008 7:40 p.m. EST

Washington, DC (AHN) - Fannie Mae announced after the close Wednesday the promotion of two current executives to fill the roles of their departing chief financial officer and chief risk officer.

CFO Stephen Swad, who came to the company from AOL last year, resigned. Fannie promoted Senior Vice President and Controller David C. Hisey to fill the role.

Chief Risk Officer Enrico Dallavecchia also resigned to pursue other opportunities. Fannie promoted Michael Shaw to fill the role. Shaw was the senior vice president for credit risk oversight.

Fannie also said Peter Niculescu has taken over the duities as chief business officer for Robert Levin. Levin plans to retire early next year.

"This team will be responsible for meeting the dual objectives of conserving capital and controlling credit losses while Fannie Mae continues to provide crucial liquidity to the U.S. housing and mortgage markets," said CEO Daniel Mudd, according to MarketWatch.

Shares of Fannie Mae rose 15.3 percent to $6.48.