The Freddie Mac board of directors has tapped financial services veteran Kenny M. Smith as the company’s new CEO, effective Dec. 17. Michael Hutchins, who has served as interim CEO since the departure of former head Diana Reid in March, will continue in his role as president.
With nearly four decades of experience, Smith has provided strategy, operational, risk management, and governance counsel to an array of financial services companies and institutions. He spent 27 years at Deloitte Consulting, including five years as vice chairman and U.S. financial services industry leader, and served as global lead client service partner for Wells Fargo from 2008 to 2019.
As financial services industry leader at Deloitte, he oversaw the company’s financial services sectors, including banking and capital markets, real estate, insurance, and investment management.
“Kenny Smith’s background and decades of experience in financial services will be an asset to Freddie Mac as we continue to meet the needs of homeowners, renters, and the industry in 2026 and beyond,” said Hutchins.
Smith earned his bachelor’s degree of business administration from Texas Tech University and is a certified public accountant.
“I am honored and excited to join the team at Freddie Mac,” he said. “Freddie Mac plays a vital role in the nation’s housing finance system, and I look forward to working with our talented team to expand access to homeownership and rental housing across the country.”
This latest move comes amid news reports that the Trump administration is exploring an initial public offering of government-sponsored enterprises Fannie Mae and Freddie Mac, which have been under federal conservatorship since 2008.