Fifth Third’s CFO Joins Freddie Mac

Troubled mortgage finance giant Freddie Mac has announced that it will soon count Fifth Third Bancorp chief financial officer Ross Kari among its ranks. Kari’s transition will be complete by October 12, with Fifth Third appointing Daniel Poston, its executive vice president, as chief financial officer effective immediately.
 

Kari, who only served as Fifth Third’s CFO for less than a year, will be in charge of Freddie Mac’s accounting, financial planning, and investor relations, reporting to Freddie Mac CEO Charles Haldeman Jr. Both Fifth Third and Freddie Mac have been hit hard by the credit crisis, with Freddie Mac’s notorious collapse leading to a sizeable federal bailout.
 
Freddie Mac’s future seems to be liking brighter, however, as the company’s shares have been experiencing a rebound and it regained NYSE exchange-listing earlier in the month. For the time being, though Freddie Mac remains a government-sponsored company that still has a lot of ground to recover, as does much of the rest of the industry.

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