Fannie Mae has appointed Cissy Yang as senior vice president and chief audit executive, taking over for J. Douglas Watt, who will retire in November.
Yan’s appointment is effective as of September 12. As chief audit executive, Yang will be responsible for leading the company’s audit strategy, including internal controls, operational processes and risk assessments.
Yang cames to Fannie Mae Yang from Credit Suisse, where she served as head of audit for investment banking fixed income and U.S. legal entities as well as compliance in the Americas. She’s also worked at PriceWaterhouseCoopers and Arthur Andersen.
“We’re pleased to welcome an executive with Cissy’s impressive background and breadth of experience to Fannie Mae’s leadership team,” said Dave Benson, Fannie’s president and interim CEO. “Her contributions will be essential to maintaining Fannie Mae’s strong culture of corporate governance and rigorous internal controls. I also want to thank Doug for his leadership and contributions to ensure we have a high-performing Internal Audit function that executes on Fannie Mae’s mission with a focus on safety and soundness.”
Numerous executives have left the government sponsored enterprise over the last few years. Sources at Fannie Mae cited a stifling work environment, reduced chances of leaving conservatorship and better pay in the private sector as factors that led to the departures.
More recently, Sheila Bair, who chaired the board, and former CEO Hugh Frater, both resigned on May 1. And Kimberly Johnson, its COO, departed in April.
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The government sponsored entity has seen a number of top agency officials retire or leave for the private sector over the last few years.
