Former JPMorgan Chase executive Donald H. Layton will be the next chief executive officer at Freddie Mac.
He also was elected to the board of directors and will start his job May 21, Freddie announced Thursday.
Layton, 62, is taking over from Charles E. "Ed" Haldeman, Jr., who became CEO in August 2009.
The organization he's stepping into has some priorities of a for-profit and some of a not-for-profit, so Layton comes in waiting to see how things lie, he told HousingWire in an interview after the announcement.
With Freddie in financial trouble, Layton told the website he is "willing to take a little heat in order to fix the kitchen."
Layton spent 30 years with Morgan and its predecessor companies. He had become one of a troika in the Office of the Chairman when he retired in 2004.
"Don brings strong executive leadership and a deep understanding of financial markets at a pivotal time for Freddie Mac," said Christopher S. Lynch, Freddie Mac's non-executive chairman. Lynch said Layton beings "operating experience, analytical rigor and boundless energy."
