Freddie Mac announced Tuesday that its board of directors has selected Kenny M. Smith as the company’s CEO.
The move is effective Wednesday and Smith will also serve as a member of the board.
Michael Hutchins, who assumed the interim CEO role in March 2025 following the departure of Diana Reid, will continue in his role as president. Reid joined in September 2024 to succeed Michael DeVito after his retirement, but was one of the top executives fired in March.
Smith, a certified public accountant, brings nearly 40 years of experience to the role. He spent 27 years at Deloitte Consulting LLP, including five years as vice chairman and U.S. financial services industry leader. From 2008 to 2019, he was Deloitte’s global lead client service partner for Wells Fargo & Co.
“Smith’s background and decades of experience in financial services will be an asset to Freddie Mac as we continue to meet the needs of homeowners, renters and the industry in 2026 and beyond,” Hutchins said.
As Deloitte’s financial services industry leader, Smith oversaw the firm’s banking and capital markets, real estate, insurance and investment management practices, and he served as a senior industry advisory partner to multiple clients.
“I am honored and excited to join the team at Freddie Mac,” Smith said. “Freddie Mac plays a vital role in the nation’s housing finance system, and I look forward to working with our talented team to expand access to homeownership and rental housing across the country.”
Smith holds a bachelor’s degree in business administration from Texas Tech University. He is a distinguished alumnus of the Rawls College of Business and serves on its emeritus advisory council.
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