David McDonald to Join Freddie Mac as Senior Vice President of Finance Program Management

MCLEAN, Va., June 12 /PRNewswire-FirstCall/ -- David McDonald will join Freddie Mac as senior vice president of Finance Program Management Office (PMO), effective June 12, 2006. McDonald joins Freddie Mac from IBM with more than 35 years of financial industry experience.

"David's experience in the financial services sector and capital markets makes him an excellent addition to the Freddie Mac management team," said Gene McQuade, President, Chief Operating Officer and interim Chief Financial Officer. "He will play a critical role in driving and directing the Finance function beyond simply resolving any current deficiencies to our return to timely and well-controlled financial reporting."

He will initially report to the Vice President of Strategy Execution David Kellermann, but will eventually report to the CFO once one is named. As SVP of Finance Program Management Office, McDonald will be responsible for further developing and leading the PMO to support the Finance business process redesign and systems initiatives. He will work to understand the current state of Finance operations, define the future state of the Finance function, identify the gaps, and further develop the strategic and tactical roadmap for future success.

McDonald has been a partner in the business consulting arena of IBM Corporation for the financial services sector since the organization merged with PricewaterhouseCoopers Consulting in 2002. Before the merger, he was a partner in financial services for financial markets of PricewaterhouseCoopers since 1998. In his early career, McDonald served as manager, and later partner, in financial services for banking and capital markets at Coopers & Lybrand Consulting, until its merger with Price Waterhouse Consulting.

McDonald earned a bachelor's degree in liberal arts at Marist College (in Poughkeepsie, NY), and an M.B.A. at Long Island University.

Freddie Mac is a stockholder-owned company established by Congress in 1970 to support homeownership and rental housing. Freddie Mac fulfills its mission by purchasing residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than four million renters in America. http://www.freddiemac.com/