Freddie Mac names McQuade president

MCLEAN, Va., Aug. 5 (UPI) -- U.S. mortgagor Freddie Mac Thursday named Eugene McQuade president and chief operating officer, effective Sept. 1.

McQuade succeeds Paul Peterson as chief operating officer, and fills the president position that David Glenn vacated more than a year ago.

Freddie Mac said Peterson, 54, plans to retire after 15 years with the mortgage-finance company. He agreed to remain a senior adviser during a transition period that should run at least through March. Peterson plans to pursue other activities and interests.

McQuade, 55, was Bank of America Corp.'s president. He served as president and chief operating officer at FleetBoston Financial Corp. before FleetBoston's merger with Bank of America in April.

Freddie Mac plans to nominate McQuade as a director during the annual meeting in November. McQuade will report to Chairman and Chief Executive Richard Syron.

Freddie Mac named Ralph Boyd Jr. general counsel and executive vice president in March. Boyd worked for Alston & Bird LLP.

In July, Freddie Mac named former KPMG LLP partner Stan Martin senior vice president and general auditor. Freddie Mac also named Patricia Cook executive vice president of investments. Cook worked for JP Morgan Fleming Asset Management.