Freddie Mac has hired its new chief financial officer away from Ally Financial.

James Mackey will become executive vice president and CFO of the government-sponsored enterprise the week of Nov. 11, Freddie announced Monday. Current CFO Ross Kari will retire when Mackey joins the company.

Mackey, 46, is currently CFO at Ally Financial, a role he has held since 2011. He joined Ally in 2009 from Bank of America (BAC), where he was CFO of the corporate investments, corporate treasury and private-equity divisions. Earlier he worked for PricewaterhouseCoopers.

Kari, 54, has been CFO since 2009. Earlier, he was CFO of Fifth Third (FITB) in Cincinnati.

"The board of directors and I are very pleased that [Mackey] is joining Freddie Mac as CFO at a crucial time in the company's life," Freddie Mack Chief Executive Donald Layton said. Mackey "brings an impressive track record of success in helping a company deal with significant change, including a situation somewhat similar to the conservatorship under which we now operate."

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