Mortgage finance company Freddie Mac said Monday that one of its directors, Barbara T. Alexander, will not seek re-election when her term expires in March 2010.
Alexander first joined the board in 2004. She was one of three directors the Federal Housing Finance Agency asked to remain on the board after the company was placed into conservatorship in September 2008.
Freddie Mac said in a release that Alexander was instrumental in helping recruit additional board members and a new senior management team while the company was in conservatorship. She currently chairs the business and risk committee and serves on the compensation and executive committees. She will continue to serve in those roles through the company's board meeting on March 19, 2010, Freddie Mac said.
Alexander has been an independent consultant since 2004. She is a member of the board of directors of Allied World Assurance Co. and Qualcomm Inc. She is also an executive fellow at the Joint Center for Housing Studies at Harvard University.
Board chairman John A. Koskinen will lead the search for Alexander's successor.
Shares of Freddie Mac rose 3 cents to $1.33 in afternoon trading.