McLean, Virginia-based Freddie Mac’s board of directors has named its current president David Brickman as its new chief executive officer, succeeding CEO Donald Layton, who will retire in July.

Layton has served as Freddie Mac’s chief executive since 2012. He announced plans to retire last September.

Brinkman was chosen after an executive search process that included external candidates, according to Freddie Mac’s board.

The appointment has been approved by the Federal Housing Finance Agency, Freddie Mac’s conservator.

Freddie Mac has been under government conservatorship since its 2008 government bailout, along with its fellow mortgage company Fannie Mae.

“David is a proven business builder, having taken Freddie Mac’s Multifamily business to the pre-eminent position in the market,” Layton said of his successor in a statement.

“Everything I have seen during his tenure as president has convinced me that David is the right choice to serve as the next CEO and take Freddie Mac forward.”

District-based Fannie Mae and Freddie Mac are the two largest publicly-traded companies headquartered in the Washington region, based on annual revenue.