Fannie Maes CIO Set to Leave

The mortgage financing company says 16-year veteran Julie St. John will depart at the end of 2006.

Fannie Mae chief information officer Julie St. John, a 16-year veteran of the mortgage financing company, will leave at the end of the year, the company said in a regulatory filing.

In a July 7 filing with the Securities and Exchange Commission, Fannie Mae said St. John "has been taking a lead role in connection with the companys ongoing restructuring of its enterprise systems and operations division." According to the company, she agreed to defer her departure date until Dec. 31.

Through a representative, St. John released this statement: "After 16 years with the company, I made the decision that it was time for me to consider other opportunities both personally and professionally. Out of loyalty to the company, I committed to staying through the end of the year as we complete our important restructuring. I am fortunate to be at a point in my life where I can consider a variety of options."

A Fannie Mae spokeswoman would not comment on plans to replace St. John.

St. John, 54, will receive 78 weeks of severance pay, totaling $794,463, as well as up to $18,000 in outplacement services, according to the filing. When she leaves in December, St. John will also hold vested and exercisable options to purchase 269,964 shares of Fannie Mae stock, worth at least $14 million.

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