Lance Drummond will become chair of Freddie Mac’s board of directors, the company said Tuesday. A member of the board since 2015, Drummond will succeed Sara Mathew, who will retire as Board chair and as a Director in February 2024, as required by the company’s bylaws.

“Freddie Mac’s board of directors brings together outstanding leaders from across the country to advance the critically important work of providing liquidity, stability, affordability and equity to the housing market,” said Sandra Thompson, Director of the Federal Housing Finance Agency. “The company is fortunate to have exceptional leaders, such as Sara Mathew and Lance Drummond, overseeing that effort.”

Drummond joined the Freddie Mac board in 2015, and currently serves as chair of the board’s compensation and human capital committee. He also serves as a member of the board’s executive, audit and operations and technology committees.