Fannie Mae has reorganized some of its businesses, restructuring divisions, reshuffling some executives, and delegating more authority to division heads.
One of the new divisions, Fannie Mae eBusiness, will focus on helping Fannie's lenders use the Internet to improve service. The unit's president, Michael Williams, reports directly to Franklin D. Raines, Fannie's chairman and chief executive.
Mr. Williams was senior vice president for electronic commerce in Fannie's single-family business division and had a hand in every aspect of Fannie's e-commerce initiatives. He was closely involved in the development and marketing of Fannie's automated underwriting program, Desktop Underwriter. In his new position, Mr. Williams will narrow his focus to working with lenders, said Raschelle Burton, a Fannie Mae spokeswoman.
Julie St. John, who most recently managed Fannie's Y2K contingency planning and the company's upgrading of technology and operations, was promoted to executive vice president and chief technology officer. Her new duties include those of former chief information officer William Kelvie, whose position was eliminated but who stays on as senior strategic technology adviser to the chairman.
Ms. St. John oversees the other new division, called enterprise systems and operations, a melding of two units. Ms. St. John also oversees all the technology and operations in every Fannie business divisions. She reports to Daniel H. Mudd, vice chairman and chief operating officer.
Lynda Horvath, who was senior vice president for financial and structured transactions, was named senior vice president for new products in the single-family business, heading up product development for that division. Ms. Horvath, who had reported to Timothy Howard, Fannie's chief financial officer, reports to Mr. Hoyes.
Fannie's directors are expected to approve Ms. St. John's this month; the other two appointments do not require board approval.
Ms. Burton, the spokeswoman, said that as part of the corporate restructuring, Fannie delegated decision-making power to the heads of its business units. That will enable Fannie to bring new products to market faster, making it nimbler in a fast-changing world, she said.
"Everything was going up-ladder for approval," Ms. Burton said. "We wanted to empower individual business unit heads."
