Fannie Mae announced President and CEO Timothy Mayopoulos will resign from his position by the end of the year.

Fannie Mae explained to HousingWire that after being with the company since 2009, Mayopoulos now feels the “time is right” for him to resign from his position. Currently, the company has not named it’s next CEO, but did announce several promotions.

The company is promoting Chief Financial Officer David Benson to president. He will report directly to Mayopoulos, managing the day-to-day business and operations of the company. The company also promoted Celeste Brown to the role of executive vice president and chief financial officer.

Both appointments will go into effect on August 6, 2018, and Mayopoulos, although he doesn’t have a set date for his resignation, will step down by the end of the year.

“Today’s announcement reflects the Board’s interest in ensuring continuity and in continuing to pursue Fannie Mae’s ongoing transformation,” said Egbert Perry, chairman of Fannie Mae’s board of directors. “I am grateful that we have an incredibly talented and experienced leadership team that is laying the foundation for a better, more innovative, safer, and more sustainable housing system for future generations.”

Mayopoulos was first promoted to CEO back in June of 2012, moving up from his position as chief administrative officer and general counsel.

During his tenure as CEO, Mayopoulos returned about $167 billion in dividends to the U.S. Treasury, and oversaw the company as it turned from a legacy company to a startup, evolving into a smart, agile company.