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Timothy J. Mayopoulos (born March 7, 1959) is an American businessman and lawyer. He was formerly president and chief executive officer (CEO) of Fannie Mae.[2][3] Mayopoulos was announced as president and member of the board of directors at Blend in 2019.[4]

Timothy Mayopoulos
Born
Timothy J. Mayopoulos

(1959-03-07) March 7, 1959 (age 60)
NationalityAmerican
Alma materCornell University
New York University School of Law
Occupationbusinessman and lawyer
TitlePresident, Blend[1]
Term2019-
Spouse(s)Amy Lefkof (divorced)
Children2
Parent(s)Harry B. Mayopoulos
Eleanor Ida (Raifsnider) Mayopoulos

During his career, he was the General Counsel of Bank of America and also worked at Deutsche Bank, Credit Suisse First Boston and Donaldson, Lufkin & Jenrette.

BiographyEdit

Mayopoulos was born on March 7, 1959 to Harry B. Mayopoulos and his wife Eleanor Ida (Raifsnider) Mayopoulos.[5] His father was an avionics technician, union organizer and United Auto Workers member.[6] His mother worked part-time at a Sears store.[7]

He received a bachelor's degree in English from Cornell University in 1980 and a juris doctorate from the New York University School of Law in 1984.[8][2]

Mayopoulos was married to Amy Lefkof,[9][10] and they have two children.[11]

Early careerEdit

After law school, Mayopoulos clerked for the Honorable William C. Conner of the U.S. District Court for the Southern District of New York (1984-1986).[12] He then worked for the law firm Davis Polk & Wardell (1986-1994), before serving on the Whitewater investigation as part of the Office of the Independent Counsel (1994-1996).

From 1996-2000, Mayopoulos was managing director and associate general counsel at Donaldson, Lufkin, & Jenrette, Inc. He served as managing director and senior deputy general counsel at Americas of Credit Suisse First Boston (2000-2001) and as managing director and general counsel for Americas of Deustche Bank AG's Corporate and Investment Bank (2002-2004). He became executive vice president and general counsel of Bank of America in 2004.[13] In 2009, Mayopoulos was dismissed from his job as general counsel at Bank of America.[14][15]

Fannie MaeEdit

Mayopoulos joined Fannie Mae in 2009 as executive vice president, general counsel, and corporate secretary. In 2010, he became chief administrative officer for Fannie Mae. He was named president and chief executive officer of Fannie Mae in 2012.[16] Mayopoulos worked to move Fannie Mae's long-time headquarters to the Midtown Center in Washington, DC.[17]

In July 2016, Fifth Third Bancorp, Ohio's largest bank, dismissed its general counsel Heather Russell, because she was having a romantic relationship with Mayopoulos, who was separated from his wife at the time. The company stated that it believed this represented a conflict of interest.[18][10] Fannie Mae's Board of Directors and Fannie Mae's regulator and conservator, the Federal Housing Finance Agency, concluded that the relationship was not a conflict of interest. During his tenure at Fannie Mae, the company was profitable on an annual basis and delivered more than $167 billion in dividends to taxpayers.[19]

Later careerEdit

Mayopoulos became the president of Blend in 2019. The move was noteworthy as Mayopoulos was one of the first high-profile executives to join the financial technology industry.[20] He also joined the company's board of directors.[21]

Board membershipsEdit

He is a member of the Board of Directors of Science Applications International Corporation[22] and is an independent director on Lending Club's Board of Directors.[23] Mayopoulos has also been on the Board of Trustees of U.S. Supreme Court Historical Society.[24]

RecognitionEdit

Mayopoulos was recognized amongst the first class of "Legends in Law" at the 2007 Burton Awards.[25] In 2011, he was named one of the 500 most influential lawyers in the United States by Lawdragon.[26] Mayopoulos received a Glassdoor Employees’ Choice Award as a Highest Rated CEO in 2017.[27]

ReferencesEdit

  1. ^ "Former Fannie Mae Chief Joins Blend, a Mortgage Startup". 22 January 2019.
  2. ^ a b "Leadership Team - Timothy J. Mayopoulos". Fannie Mae. 2016-09-30. Retrieved 2017-01-21.
  3. ^ "Atlantic Exchange featuring Timothy J. Mayopoulos". The Atlantic. Retrieved 2017-01-21.
  4. ^ "Former Fannie Mae Chief Joins Blend, a Mortgage Startup". 22 January 2019.
  5. ^ "Eleanor Mayopoulos". Obitservices.com. Retrieved 2017-01-21.
  6. ^ Fannie Mae’s Comeback Captain Reflects on His Tenure
  7. ^ "Fannie Mae CEO sees his career interests come full circle". as.cornell.edu. Retrieved 2017-08-30.
  8. ^ "Stocks". Bloomberg. Retrieved 2017-01-21.
  9. ^ Purvis, Kathleen (2014-03-23). "Charlotte's Gus Mayopoulos leads Harvard's student council". The Charlotte Observer. Retrieved 2017-01-21.
  10. ^ a b Roberts, Deon (2016-08-11). "WSJ: Ex-Bank of America lawyer lost job over relationship with Fannie CEO". The Charlotte Observer. Retrieved 2017-01-21.
  11. ^ "Class Notes 1980 to 1989". Cornellalumnimagazine.com. Retrieved 2017-01-21.
  12. ^ "Timothy J. Mayopoulos Lawyer Profile on Martindale.com". www.martindale.com. Retrieved 2017-08-30.
  13. ^ "Timothy J. Mayopoulos of Fannie Mae Executive Profile". insiders.morningstar.com. Retrieved 2017-08-30.
  14. ^ Louise Story (2009-09-08). "Bank of America's Firing of Counsel Is Examined". The New York Times. Retrieved 2017-01-21.
  15. ^ "EXCLUSIVE: Inside The Firing Of Bank Of America's Top Lawyer". Business Insider. 2009-09-09. Retrieved 2017-01-21.
  16. ^ "Fannie Mae names Timothy J. Mayopoulos as new CEO". Washington Post. Retrieved 2017-08-30.
  17. ^ "Fannie Mae CEO to Leave by Year's End".
  18. ^ Glazer, Emily (2016-08-10). "Romantic Relationship With Fannie Mae CEO Prompted Firing of Fifth Third Lawyer". Wsj.com. Retrieved 2017-01-21.
  19. ^ "Fannie Mae CEO to step down by end of year".
  20. ^ "Former Fannie Mae Chief Joins Blend, a Mortgage Startup". 22 January 2019.
  21. ^ "Blend hires ex-Fannie CEO Mayopoulos as president".
  22. ^ "Timothy Mayopoulos Joins SAIC's Board of Directors | SAIC". investors.saic.com. Retrieved 2017-08-30.
  23. ^ "Fannie Mae CEO Timothy Mayopoulos joining Lending Club board of directors". Retrieved 2017-08-30.
  24. ^ Clare Cushman (2013). Supreme Court Justices: Illustrated Biographies.
  25. ^ First Program in Coolidge Auditorium
  26. ^ Bold Moves
  27. ^ "Fannie Mae CEO Timothy J. Mayopoulos Named a Glassdoor Highest Rated CEO in 2017 | Fannie Mae". www.fanniemae.com. Retrieved 2017-08-30.