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PRESIDENT AND INTERIM CEO, FREDDIE MAC, McLEAN
PRESIDENT AND INTERIM CEO, FREDDIE MAC, McLEAN
Virginia Business// August 29, 2024//
In mid-March, Hutchins became interim CEO and a board member of the government-sponsored home mortgage company, replacing Michael J. DeVito, who stepped down after three years. Hutchins will fill the position until the company appoints a permanent leader or until Sept. 30.
Hutchins, who boasts three decades in the financial services industry, was named president of Freddie Mac in 2020. He began his career at the company in 2013, serving as a senior vice president and then an executive vice president of investments and capital markets.
Hutchins went to work at Salomon Brothers in 1986 and spent a decade there. At UBS from 1996 to 2007, Hutchins filled several roles, including serving as the global head of the fixed income, rates and currencies group. From 2008 to 2013, he was CEO of The PrinceRidge Group, a financial services firm he co-founded.
Freddie Mac reported a net revenue of $21.2 billion in 2023, down slightly from $21.3 billion in 2022, and a net income of $10.5 billion, up 13% year-over-year. At No. 36 in the 2024 Fortune 500 ranking, Freddie Mac is Virginia’s top-ranked company on Fortune’s U.S. and Global 500 lists.
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