Gareth Davies to Join Freddie Mac as Senior Vice President, Enterprise Operational Risk

MCLEAN, Va., April 13 /PRNewswire-FirstCall/ -- Gareth Davies will join Freddie Mac as senior vice president, enterprise operational risk, effective April 24, 2006. Davies has spent nearly 20 years with General Electric, most recently as vice president and chief risk officer for GE Asset Management.

As part of Freddie Mac's enterprise risk leadership team, Davies will manage the company's operational risks. He will report to Anurag Saksena, senior vice president and chief enterprise risk officer.

"We are excited that Gareth is joining Freddie Mac at this time in the company's history. His dedication to the field of risk management coupled with his outstanding credentials and experience will be an asset as Freddie Mac moves forward," Saksena said.

For the past five years, Davies has served as vice president and chief risk officer for GE Asset Management, where he developed both a risk framework and an operational risk structure. Additionally, he developed an in-house system to automate operational risk reporting.

Davies first joined GE in 1987 as a credit analyst in the company's London office. During his nearly 20-year tenure, he held various positions with increasing responsibilities within GE's different business units. Among other positions, he served as managing director of GE Capital, Corporate and European risk director for GE Capital, Europe.

Davies, a native of Wales, earned a degree in banking and finance from Loughborough University in Leicester, United Kingdom.

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/