Troubled mortgage financer Fannie Mae has announced that former Credit Suisse First Boston executive Eric Schuppenhauer will join the company as senior vice president of accounting policy.
"We continue to make steady progress in building out Fannie Mae's senior management team to provide our company with leadership bench strength to serve the market, our customers, and our stakeholders," said Fannie Mae's president and chief executive, Daniel Mudd, in a statement. "As we make progress on our financial restatement and seek to meet new business challenges ahead, we welcome Eric to our team."
Schuppenhauer will report to the company's recently named head of accounting policy, Scott Blackley. He will have responsibility for evaluating Fannie Mae's prior accounting policies and practices related to the financial restatement as well as implementing new or changed accounting standards. At Credit Suisse First Boston, he served as managing director for global accounting policy and assurance. Prior to that, he held a number of positions with the Securities and Exchange Commission.
Blackley joined the company in June, from America Online Inc., where he was vice president of accounting policy and assistant controller.
Fannie Mae is continuing its search for a new chief financial officer in the wake of an investigation by the SEC, which ordered the restatement after discovering problems with the company's accounting practices from 2001-2004. Problems relating to deferred purchase price adjustments, as well as for derivatives and hedging activities, are expected to result in a multibillion-dollar profit restatement.
