Owens Corning elects former Freddie Mac CEO to its board

Owens Corning (NYSE: OC) has elected Michael DeVito, former chief executive officer of the Federal Home Loan Mortgage Corporation (Freddie Mac), to its board of directors, according to a company statement.

DeVito has been appointed to serve on the board's Audit Committee and Finance and Technology Committee.

As CEO of Freddie Mac, DeVito led one of the largest housing finance organizations in the United States, with a focus on operating performance, risk management, and housing finance system stability. Before Freddie Mac, he spent 24 years at Wells Fargo, where his roles included Executive Vice President and Head of Home Lending, overseeing more than 25,000 employees.

DeVito currently serves as an independent director of NVR, Inc., an NYSE-listed homebuilder, where he sits on the Compensation Committee. He also holds advisory roles with technology firms in the consumer and home lending sectors.

Brian Chambers, chair and CEO of Owens Corning, said DeVito "brings nearly four decades of leadership experience in housing, consumer finance, risk management, and large-scale business transformation" and that the company will benefit from "his deep understanding of the housing ecosystem, market dynamics, and the factors that influence long-term demand."

Owens Corning, headquartered in Toledo, Ohio, produces roofing, insulation, and door products primarily for residential markets in North America and Europe.

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