Former Capital One Financial Corp. executive Susan R. McFarland will join Fannie Mae as its chief financial officer July 11, the government-sponsored enterprise said Wednesday.
McFarland most recently was finance and principal accounting officer at Capital One, a position she held since March. Prior to that, she spent seven years as Capital One's controller.
McFarland, 50, succeeds David Hisey, who has served as interim CFO since November, when then-CFO David Johnson announced his resignation. Hisey will continue to serve as Fannie Mae's principal accounting officer, the GSE said.
McFarland will serve on Fannie's executive committee and report to President and Chief Executive Michael J. Williams. Her annual base salary will be $600,000. She will also receive a performance award of up to $1.5 million, to be paid in four quarterly cash installments in 2012. Half of that amount is subject to reaching certain performance targets this year. Additionally, McFarland will receive a long-term incentive award with a target of about $1.1 million, according to a regulatory filing.
McFarland also will receive a $1.7 million sign-on bonus, Fannie Mae said.
