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Fannie Mae GC takes his seat at top table - and pay cut
Fannie Mae general counsel Timothy Mayopoulos is set to take a take a step up the job ladder - albeit with a step down the pay scale - after last week accepting an offer to become the government-backed mortgage company's new chief executive.
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According to Law.com’s Corporate Counsel web site, Mr Mayopoulos joined Fannie in April 2009 as general counsel at a time when the lender was just beginning to rebuild after the financial crisis of 2008, when the US Treasury stepped in to stabilise the struggling financial institution.
In a statement, he said: ‘We have a responsibility to return value to taxpayers and to contribute our expertise and experience to building a more effective and stable housing-finance system for the future. Our nation needs and deserves a better system to support sustainable homeownership.’
Mr Mayopoulos replaces Michael Williams, who left after three years heading the business where he has worked for the past 21 years.
Under new salary targets and with bonuses eliminated, Mr Mayopoulos – who could earn as much as $2.6 million this year with bonuses as GC – has agreed to a salary of $600,000 beginning next year.
