Michael DeVito, former CEO of Freddie Mac, has been elected to the Owens Corning board of directors, according to a company announcement.
DeVito will serve on the board’s audit committee and its finance and technology committee. Owens Corning, based in Toledo, Ohio, is a building products manufacturer focused on roofing, insulation and doors for residential markets in North America and Europe.
DeVito has nearly 40 years of experience in housing, consumer finance and risk management. He previously led Freddie Mac, one of the nation’s largest housing finance companies, where he emphasized operating performance, risk management and the government-sponsored enterprise’s mission to support liquidity, stability and access in the U.S. mortgage market.
Before joining Freddie Mac, DeVito spent 24 years at Wells Fargo in senior leadership roles, including as executive vice president and head of home lending, where he oversaw more than 25,000 employees.
He currently serves as an independent director at NVR Inc., a New York Stock Exchange-listed homebuilder, where he is a member of the compensation committee. He also advises technology firms in the consumer and home lending sectors.
Bringing a former GSE CEO and large-bank mortgage executive onto the board links Owens Corning more directly to the housing finance side of the housing ecosystem.
The appointment comes at a time when mortgage rate volatility, credit risk management and long-term demand for new construction remain central issues for lenders, builders and building products manufacturers.
“As a company serving primarily residential markets in North America, we will benefit from Michael’s deep understanding of the housing ecosystem, market dynamics and the factors that influence long-term demand,” Brian Chambers, Owens Corning chair and CEO, said in a statement.
“His proven operational leadership and board experience will provide valuable perspective as we continue executing our strategy to accelerate growth and deliver long-term value.”
This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.