Freddie Mac has appointed David Brickman to succeed Donald Layton who is retiring as chief executive officer on July 1.

Brickman, who is the current president of Freddie Mac, will be the fourth CEO of the mortgage-finance company since the government took over the company 10 years ago. He will also join the board. The Federal Housing Finance Agency, Freddie Mac’s conservator, has approved the selection of Brickman.

Freddie Mac promoted Brickman to president in September, when Layton’s plans to retires were made known. The Federal Housing Finance Agency, which determines in large part how Freddie Mac is run—has reduce the influence of the CEO. He joined Freddie Mac in 1999, had been executive vice president and head of Freddie Mac Multifamily before his promotion to president. Layton joined Freddie Mac as CEO in 2012.

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Fannie Mae has also experienced senior management changes. Timothy Mayopoulos, the former CEO, stepped down last year, and the company named board member Hugh Frater as its interim chief executive in the fall.

“The board engaged in a multi-year succession process to ensure we selected the right leader, and David is an outstanding choice to serve as our next CEO,” said Sara Mathew, chair of Freddie Mac’s board. “He is an exceptional business leader, having demonstrated great strategic and execution skills as the long-time head of our multifamily business. He led the process of driving credit risk transfer and attracting private capital to finance multifamily housing while protecting the American taxpayer.”