Fannie Mae has announced several changes across its leadership structure, as current Chief Operating Officer Peter Akwaboah has been named to the dual role of acting chief executive officer, replacing outgoing President and CEO Priscilla Almodovar.
In addition to Akwaboah being named acting CEO, John Roscoe and Brandon Hamara have been named co-presidents of Fannie Mae.
“Peter’s deep operating background, as the former Morgan Stanley COO of Global Technology, makes him the perfect fit for the acting CEO position while the board conducts its search for a permanent CEO,” said William J. Pulte, Fannie Mae’s chairman of the board. “With the addition of Peter as acting CEO and John Roscoe and Brandon Hamara as co-presidents, we now have a deep bench of three experienced leaders at the very top of Fannie Mae. This means a safer, sounder Fannie Mae, all while growing our great Fortune 25 Company.”
Akwaboah brings more than 30 years of financial services leadership experience in operations, technology, and innovation to his new role where he will continue to oversee Fannie Mae’s COO Division, and partner with Fannie Mae executives Hamara and Roscoe.
Before joining the GSE, Akwaboah was a managing director and served as the chief operating officer for technology and the head of innovation at Morgan Stanley, where he was responsible for driving the technology strategy with a focus on fueling the firm’s innovation, effectiveness, and resilience. Akwaboah also partnered with Morgan Stanley’s businesses to build on the firm’s technology investments and delivery opportunities to enable profitability.
Prior to joining Morgan Stanley in 2015, Akwaboah spent a decade at RBS, serving as the company’s Asia Pacific chief operating officer for operations, technology, and corporate services. Prior to that, he held leadership roles in operations and technology at Deutsche Bank, KPMG, and IBM.
Akwaboah serves on the Boards of the Foundation of Orthopedics and Complex Spine and the Museum of American Finance. He has multiple degrees in engineering and civil engineering, including a first-class honors Bachelor of Engineering from the University of Birmingham, England.
“At Fannie Mae, we are building a deep, focused, and operationally experienced leadership team, at the top, to lead the company to increased safety and soundness and accelerated profitability,” said Michael Stucky, Fannie Mae vice chairman of the board.
Outgoing Fannie Mae President and CEO Priscilla Almodovar added, “Serving as president and CEO of Fannie Mae has been the privilege of a lifetime. Together, we have made Fannie Mae stronger than ever. I will be eternally grateful to the entire Fannie Mae family, our many partners, and Director Pulte for the opportunity to lead this incredible organization that helps millions of American homeowners and renters access their American Dream.”
New Fannie Mae co-president Roscoe formerly served as EVP, operations and public relations for the GSE, overseeing communications, regulatory affairs, and leading key initiatives focused on core business growth. Roscoe has extensive experience advising and running organizations in the private sector and federal government, with expertise in the housing finance arena.
Most recently, he was principal and CEO of North Star Navigators, where he advised senior executives on commercial strategy and regulatory policy. Previously, as Chief of Staff at U.S. Federal Housing (FHFA), he oversaw operations at an agency with more than 700 employees, where he managed high-level initiatives and engaged with mortgage market companies, industry stakeholders, and federal agencies.
Before joining the FHFA, Roscoe served at The White House as Special Assistant to President Trump, leading the executive search and selection process for top financial, housing, and regulatory appointments. Before serving in the Trump administration, he built winning branding campaigns for Fortune 500 companies.
