David M. Moffett
Encyclopedia
David McKenzie Moffett (born February 22, 1952) is an American businessman and was formerly the CEO of Freddie Mac. He was previously an executive with U.S. Bancorp
. He also served as senior advisor to the Carlyle Group
, and has been a director at eBay
since July 2007. On March 2, 2009, Moffett announced his resignation as CEO of Freddie Mac.
and a MBA from Southern Methodist University
. He joined Star Banc Corporation in 1993 as CFO, from BankAmerica Corporation. He became CFO of Firstar Corporation
when that company merged with Star Banc in 1998. In 2001 when Firstar merged with U.S. Bancorp
and retained the U.S. Bancorp name he was appointed Vice Chairman and CFO. In 2007, Moffett retired from U.S. Bancorp. He then obtained directorships at MBIA, BMHC
, eBay
and Scripps
. In September 2007, he was hired by the Carlyle Group
to serve as senior advisor to their financial services group. In September 2008, he became CEO of Freddie Mac, receiving the job after the federal government took over the ailing company and ousted its leadership.
(FHFA) to appoint a successor to Moffett. Moffett indicated that he wants to return to a role in the financial services sector. In his letter of resignation, he said, "I have enjoyed my time as CEO of Freddie Mac and I wish all the great employees the very best in the days to come."
John Koskinen, chairman of the board, said "We are very sorry to see David go. He made valuable contributions to Freddie Mac as the company transitioned into conservatorship." Koskinen also said, "We expect to name an interim CEO before March 13 to assume David's responsibilities once he leaves." He added, "The board remains fully committed to ensuring the company continues its critical role in supporting the housing finance system during this difficult economic period."
Management continues to estimate that FHFA, in its capacity as conservator of Freddie Mac, will submit a request to the United States Treasury to draw an additional amount of approximately $30 billion to $35 billion under the Senior Preferred Stock Purchase Agreement between Freddie Mac and Treasury, following the timely filing of the company's annual report on Form 10-K with the Securities and Exchange Commission.
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...
. He also served as senior advisor to the Carlyle Group
Carlyle Group
The Carlyle Group is an American-based global asset management firm, specializing in private equity, based in Washington, D.C. The Carlyle Group operates in four business areas: corporate private equity, real assets, market strategies and fund-of-funds, through its AlpInvest subsidiary...
, and has been a director at eBay
EBay
eBay Inc. is an American internet consumer-to-consumer corporation that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide...
since July 2007. On March 2, 2009, Moffett announced his resignation as CEO of Freddie Mac.
Career
Moffett holds a bachelor's degree from the University of OklahomaUniversity of Oklahoma
The University of Oklahoma is a coeducational public research university located in Norman, Oklahoma. Founded in 1890, it existed in Oklahoma Territory near Indian Territory for 17 years before the two became the state of Oklahoma. the university had 29,931 students enrolled, most located at its...
and a MBA from Southern Methodist University
Southern Methodist University
Southern Methodist University is a private university in Dallas, Texas, United States. Founded in 1911 by the Methodist Episcopal Church, South, SMU operates campuses in Dallas, Plano, and Taos, New Mexico. SMU is owned by the South Central Jurisdiction of the United Methodist Church...
. He joined Star Banc Corporation in 1993 as CFO, from BankAmerica Corporation. He became CFO of Firstar Corporation
Firstar Corporation
Firstar Corporation is the former name of what is now U.S. Bancorp, also known as U.S. Bank, a bank corporation in the United States. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.-History:...
when that company merged with Star Banc in 1998. In 2001 when Firstar merged with U.S. Bancorp
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...
and retained the U.S. Bancorp name he was appointed Vice Chairman and CFO. In 2007, Moffett retired from U.S. Bancorp. He then obtained directorships at MBIA, BMHC
Building Materials Holding Corporation
Building Materials Holding Corporation located in San Francisco, California is a holding company engaged, through its wholly owned subsidiaries, BMC West and SelectBuild Construction in the distribution and usage of building materials, selling primarily to professional contractors and builders as...
, eBay
EBay
eBay Inc. is an American internet consumer-to-consumer corporation that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide...
and Scripps
E. W. Scripps Company
The E. W. Scripps Company is an American media conglomerate founded by Edward W. Scripps on November 2, 1878. The company is headquartered inside the Scripps Center in Cincinnati, Ohio. Its corporate motto is "Give light and the people will find their own way."On October 16, 2007, the company...
. In September 2007, he was hired by the Carlyle Group
Carlyle Group
The Carlyle Group is an American-based global asset management firm, specializing in private equity, based in Washington, D.C. The Carlyle Group operates in four business areas: corporate private equity, real assets, market strategies and fund-of-funds, through its AlpInvest subsidiary...
to serve as senior advisor to their financial services group. In September 2008, he became CEO of Freddie Mac, receiving the job after the federal government took over the ailing company and ousted its leadership.
Retirement
Freddie Mac announced on March 2, 2009, that Moffett, its chief executive officer, had notified the chairman of the board of directors of his resignation from his position as chief executive and as a member of the board effective no later than March 13, 2009. The board of directors is working with the Federal Housing Finance AgencyFederal Housing Finance Agency
The Federal Housing Finance Agency is an independent federal agency created as the successor regulatory agency resulting from the statutory merger of the Federal Housing Finance Board , the Office of Federal Housing Enterprise Oversight , and the U.S...
(FHFA) to appoint a successor to Moffett. Moffett indicated that he wants to return to a role in the financial services sector. In his letter of resignation, he said, "I have enjoyed my time as CEO of Freddie Mac and I wish all the great employees the very best in the days to come."
John Koskinen, chairman of the board, said "We are very sorry to see David go. He made valuable contributions to Freddie Mac as the company transitioned into conservatorship." Koskinen also said, "We expect to name an interim CEO before March 13 to assume David's responsibilities once he leaves." He added, "The board remains fully committed to ensuring the company continues its critical role in supporting the housing finance system during this difficult economic period."
Management continues to estimate that FHFA, in its capacity as conservator of Freddie Mac, will submit a request to the United States Treasury to draw an additional amount of approximately $30 billion to $35 billion under the Senior Preferred Stock Purchase Agreement between Freddie Mac and Treasury, following the timely filing of the company's annual report on Form 10-K with the Securities and Exchange Commission.
External links
- Biography from the web page of the Carlyle Group