WASHINGTON, D.C. — Fannie Mae, through its board of directors, has announced the appointment of Timothy J. Mayopoulos, 53, as president and CEO of Fannie Mae, effective June 18, 2012. Mayopoulos currently serves as the agency's executive vice president, chief administrative officer and general counsel.

Since joining Fannie Mae's executive management team three years ago, Mayopoulos has played a key role in rebuilding the company. His promotion follows an extensive searching involving both internal and external candidates.

"Our thorough and thoughtful evaluation of qualified and interested candidates focused on a singular goal — to secure the best leader for Fannie Mae," says Philip Laskawy, chairman of the board. "We achieved our goal by selecting Tim. He is an experienced and effective leader on a remarkable management team that has stabilized the company and positioned Fannie Mae to return value to taxpayers in the years ahead. Tim delivers a combination of proven leadership and execution focus. His deep understanding of the unique challenges Fannie Mae is facing and his effective working relationships with our regulator, management, the board, and external partners will serve the company and industry well. Tim's appointment enables the company to sustain its rebuilding efforts and to accelerate our contributions to improving the nation's housing finance system for the future."

Mayopoulos is succeeding former CEO Michael J. Williams, who announced his decision to step down in January. In the first quarter of 2012, Fannie Mae posted a net income of $2.7 billion, its first positive quarterly net income since going into conservatorship in 2008.

"We have successfully completed the first phase of conservatorship and I am proud of our employees and what we have accomplished together. I know that I am leaving Fannie Mae in very capable hands with Tim as CEO," says Williams. "Tim joined Fannie Mae to make a difference and I know that he will lead the company with passion and in the public interest. We have benefited from Tim's keen intellect and ability to drive positive outcomes in the face of complex issues during three years of intense change. As Fannie Mae transitions to the next phase of conservatorship, Tim will be a champion of our dedicated employees, continue the company's progress, and help to create a stronger housing finance system."

As CEO, Mayopoulos will ensure its legacy issues effectively and work to strengthen the company's financial performance. Before joining Fannie Mae, Mayopoulos was the executive vice president and general counsel at Bank of America. He has also served roles at Deutsche Bank, Credit Suisse First Boston and Donaldson, Lufkin & Jenrette Inc.

"I am honored with this extraordinary opportunity to lead Fannie Mae during this critical period," says Mayopoulos. "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. Delivering on our responsibilities is a team effort, and I will maintain a sharp focus on attracting, developing, and retaining terrific people at all levels of the company. Together, I am confident that we have what it takes to achieve our priorities."