Washington Post (08/28/08) P. D1; Goldfarb, Zachary A.
Fannie Mae CFO Stephen Swad is leaving the company after a year to pursue other opportunities and will be replaced by senior vice president and controller David Hisey, who has been with the firm for three years. Peter Niculescu, head of capital markets business, has been promoted to replace retiring chief business officer Robert Levin; and Michael Shaw, a senior vice president for credit risk oversight, will take over for chief risk officer Enrico Dallavecchia, who also is leaving to pursue outside interests. The management shakeup comes as mounting losses threaten the survival of Fannie Mae. "This team will be responsible for meeting the dual objectives of conserving capital and controlling credit losses," CEO Daniel Mudd said in a statement.
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