David Moffett, chief executive of Freddie Mac, has resigned just six months after taking the helm of the US mortgage financier as it was put under government supervision.
The company said in a statement that Moffett, formerly vice-chairman and chief financial officer of US Bancorp, wanted to return to a role in the financial services sector.
Freddie is working with its regulator, the Federal Housing Finance Agency, to appoint an interim chief executive by March 13, the company said.
Moffett tendered his resignation to the board late on Friday evening, according to people familiar with the matter, who said that Moffett’s decision was largely unexpected and entirely his own. These people said Moffett preferred to seek a role in the private sector without the limitations of government supervision and a public policy mission.