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. Mayopoulos was announced as president and member of the board of directors at Blend in 2019. 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.

Biography

Mayopoulos was born on March 7, 1959 to Harry B. Mayopoulos and his wife Eleanor Ida (Raifsnider) Mayopoulos. His father was an avionics technician, union organizer and United Auto Workers member. His mother worked part-time at a Sears store. He received a bachelor's degree in English from Cornell University in 1980 and a juris doctor from the New York University School of Law in 1984. Mayopoulos was married to Amy Lefkof, and they have two children.

Early career

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). 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. In 2009, Mayopoulos was dismissed from his job as general counsel at Bank of America.

Fannie Mae

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. Mayopoulos worked to move Fannie Mae's long-time headquarters to the Midtown Center in Washington, DC. In July 2016,

Fifth Third Bancorp Fifth Third Bank (5/3 Bank), the principal subsidiary of Fifth Third Bancorp is an American bank holding company headquartered in Cincinnati, Ohio. Fifth Third is one of the largest consumer banks in the Midwestern United States, Fifth Third B ...

, 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. 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. In June 2018, Fannie Mae has announced that by the end of the year, CEO Timothy Mayopoulos will step down from his post. The company has said that Mayopoulos will remain in his position until he leaves the business. The board of Fannie Mae said that it will continue the hunt for its replacement.

Later career

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. He also joined the company's board of directors.

Board memberships

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

Recognition

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

References

{{DEFAULTSORT:Mayopoulos, Timothy J 1950s births Fannie Mae chief executive officers American lawyers Living people Cornell University alumni Davis Polk & Wardwell lawyers New York University School of Law alumni