McGraw-Hill to Name Freddie Mac Ex-CEO Haldeman to Board
07/02/2012| 09:15am US/Eastern
--Charles E. Haldeman Jr. led Freddie Mac from 2009 until May
--An investment veteran, he led a mutual fund company before that
--Appointment comes as company prepares to spin off non-financial assets
By Joan E. Solsman
McGraw-Hill Cos. (>> The McGraw-Hill Companies, Inc.) will name Charles E. "Ed" Haldeman Jr., an investment veteran who until May led mortgage-finance company Freddie Mac (FMCC), to its board Monday, according to a person familiar with the matter.
His appointment, which will be effective immediately, installs a financial-services veteran to the board comes ahead of McGraw-Hill's plan to spin off its education arm later this year, narrowing its focus to its own financial assets.
Mr. Haldeman served as chief executive of Freddie Mac from August 2009, and was the company's third CEO since the government took control of Freddie and its larger sibling Fannie Mae (FNMA). Mr. Haldeman's predecessor quit after six months in frustration with strict regulatory oversight.
He's credited with bringing stability to Freddie amid frequent departures in top management while the mortgage giant struggled with mounting defaults and uncertainty about its future.
Before Freddie, Mr. Haldeman was chairman of Putnam Investment Management LLC until June 2009. Before that, he was president and CEO of the mutual-fund company.
The news comes on an eventful morning for McGraw-Hill. Earlier Monday, it and CME Group Inc. (>> CME Group Inc) launched their joint venture combining their respective S&P and Dow Jones financial index franchises and acquired CME's Credit Market Analysis Ltd., a London-based provider of data in over-the-counter markets.
Last month, the companies had predicted to close the joint venture by the end of June.
McGraw-Hill shares closed Friday at $45 and were inactive in premarket trading.
Write to Joan E. Solsman at email@example.com