Government-sponsored enterprise (GSE) Fannie Mae announced on Thursday the appointment of Peter Akwaboah as executive vice president and chief operating officer, effective May 20, 2024.
Akwaboah, who is currently serving as COO for technology and global head of innovation at Morgan Stanley, has nearly 30 years of experience in the financial services industry. He will lead Fannie Mae’s chief information office, enterprise operations, business resiliency, and enterprise workplace and security functions, the GSE said.
He will also be a member of Fannie Mae’s management committee and report directly to CEO Priscilla Almodovar.
“Peter’s many years of experience and unique combination of technology and operations expertise will add to our deep leadership bench, and his wealth of experience and industry knowledge will bring great value to the company,” Almodovar said in the announcement of his hiring.
“We look forward to the talent and experience he’ll bring to our technology and operations as we continue to respond to the needs of the market, carefully balancing innovation, risk management, and our commitment to our housing mission.”
Originally born in the United Kingdom, Akwaboah attended high school in Ghana before his family relocated back to the UK, where he attended the University of Birmingham and majored in civil engineering.
In 2005, he began a 10-year stint working for the Royal Bank of Scotland in Singapore, then joined Morgan Stanley in 2015, according to his biography.
Akwaboah serves on the board of the Morgan Stanley Foundation and is also a member of the Federal Reserve Bank’s payments risk committee.
Fannie Mae recently reported $77.4 billion in net worth at the end of 2023, including $17.4 billion in additional net income for the full year. The $77.4 billion figure marks a sharp increase from prior years — $60.3 billion in 2022 and $47.4 billion in 2021, according to a recent earnings report.
