WASHINGTON (dpa-AFX) - Fannie Mae (FNMA.OB) announced that its Chief Executive officer Michael Williams has decided to step down from the company. Williams was appointed President and Chief Executive Officer in 2009, after the company was placed in federal conservatorship. The company stated that Williams will continue as Chief Executive officer and as a director until its board of directors names a successor, at which time he will leave the company.
Williams joined Fannie Mae in 1991. He led the company's eCommerce and eBusiness divisions, including the development of the innovative Desktop Underwriter product, which became a standard for the housing finance industry. Williams led the company's financial restatement and accounting and control reforms and was appointed chief operating officer in 2005. Williams' career prior to joining Fannie Mae includes positions with KPMG Peat Marwick and Dupont.
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