WASHINGTON -- The Johnson era at Fannie Mae will continue for at least years.
Last week, the agency's board of directors extended James Johnson's contract as chairman and chief executive officer through January 1999. He has held the post since February 1991.
"In the past three years, Jim Johnson has made an outstanding contribution by expanding Fannie Mae's commitment to housing and further building the company's financial strength," board member Richard Parsons said in a prepared statement.
Mr. Johnson will work under "the exact same contract" as the one before, said Federal National Mortgage Association spokesman David Jeffers. The board simply acted on an extension clause, he said.
Mr. Johnson was paid $1.14 million last year in salary and bonus.
