I have to admit I didn’t know that Freddie was looking for another CEO to replace current chief Richard F. Syron, but today the company reported that at least one member of the company’s Board doesn’t want the job. Eugene McQuade, currently president and COO — the sort of position you’d expect to take an available CEO slot — decided he’d rather leave the company than take a turn leading it. In a press release, McQuade said his decision was motivated by family concerns:
“I reached the point in my employment contract that called for decisions about my future role at the company, it forced me to confront the realization that I would like to return to my roots in guiding a more traditional financial institution, as well as to my home and family in New England. It would not have been fair to Dick and the Board to wait any longer to make this decision.”
No mention on whether or not the growing spectre of GSE reform had McQuade wondering if he’d be able to get any sleep at the helm of the government-sponsored giant. (And, of course, that’s just speculation on my part.)
