Mortgage-finance giant Fannie Mae announced sweeping changes to its finance department by naming nine new executives, including eight in the controller’s office.
The controller’s office, led by senior vice president and controller David Hisey, who joined the company back in January, includes four major functions: financial controls and systems, financial reporting, accounting operations, and valuation and price verification.
“This is the first phase of implementing a very significant reorganization,” said Fannie Mae board member H. Patrick Swygert, in a statement. Swygert chairs the board’s compliance committee, which coordinates and monitors compliance with the agreements between Fannie Mae and its regulator, the Office of Federal Housing Enterprise Oversight.
Added Swygert: “Reorganizing and strengthening our finance area is a top priority as we progress through the review, re-audit and restatement process. We are addressing departmental roles and responsibilities, lines of reporting, segregation of duties, and independence and alignment of functions.”
The new finance executives include:
• R. Scott Blackley, senior vice president, accounting policy. Blackley will join Fannie Mae in June from America Online Inc., where he was vice president, accounting policy and assistant controller. Previously, he was a partner at KPMG and a technical expert on derivatives, business combinations, and revenue recognition.
• Mary B. Doyle, senior vice president, financial controls and systems. Doyle was a director at Fannie Mae from 1993 to 1995 and was responsible for tax reporting on mortgage-backed and structured securities. Since 2002, she has been vice president of corporate accounting for Sallie Mae.
• Gregory H. Kozich, senior vice president for accounting. Kozich joins Fannie Mae from PricewaterhouseCoopers, where he was a lead partner with over 17 years of banking, capital markets, and investment management industry experience.
• Paul A. Noring, senior vice president for finance. He also comes from PwC, where he was most recently a lead audit engagement partner.
• James Kelly Ardrey Jr., vice president for assets accounting. Previously Ardrey served as controller, and subsequently CFO, for two of SunTrust’s affiliated broker-dealers, SunTrust Capital Markets and SunTrust Securities.
• Patricia Black, vice president for financial controls. Black joins Fannie Mae from BearingPoint, where she has been a senior manager in the financial services consulting group since 2000.
• James W. Horne, vice president for accounting systems. Horne also arrives from BearingPoint, where he has been a senior manager in the financial services consulting group since 2003.
• Nigel D. Brazier, vice president and business unit controller. Prior to joining Fannie Mae, Brazier was senior vice president for business development with Select Portfolio Servicing Inc., where he also served as senior vice president for planning and analysis from 2001 to 2002.
• Nicholas Radesca, vice president for financial reporting. Prior to joining the company in March, he was director for external reporting with the Del Monte Foods Co., where he was responsible for the company’s annual report, regulatory filings, and corporate accounting policies.