Mortgage giant Fannie Mae is eliminating 2004 performance bonuses for 43 top executives, a move that will save the company millions of dollars, as it struggles to deal with major financial reporting problems.
The nation’s biggest backer of home mortgages disclosed the move late Friday in a filing with the Securities and Exchange Commission. It said its board of directors had voted this week to eliminate cash bonuses that would have been paid to top executives for hitting last year’s performance goals.
The company also said it was postponing the payment of company stock for superior performance to top executives “until the company has reliable financial data for prior fiscal years.”
In addition, it said, Leanne G. Spencer, Fannie Mae’s top accounting officer, has “stepped down” from that position but remains in a lesser post.
For this complete story, please visit Fannie Mae to Withhold Executives’ Bonuses.
