Richard F. Syron

Richard F. Syron
Richard F. Syron
Born	1943
Education	Boston College (undergraduate), Tufts University (graduate studies in economics)
Occupation	Business executive
Known for	Chairman and CEO of Freddie Mac, CEO of Thermo Electron Corp., CEO of the American Stock Exchange

Richard F. Syron previously held the positions of chairman and CEO at the Federal Home Loan Mortgage Corporation (Freddie Mac). His executive experience also includes serving as chairman and CEO of Thermo Electron Corp. as well as CEO of the American Stock Exchange.

Early life and education

Syron obtained his undergraduate degree from Boston College and pursued graduate studies in economics at Tufts University.

Federal Reserve and Treasury

Between 1981 and 1982, Syron acted as an assistant to Paul Volcker, who was then chairman of the Federal Reserve Board of Governors. Prior to this, he was deputy assistant secretary at the United States Department of the Treasury, where he was responsible for domestic economic policy formulation. From 1989 to 1994, he held a senior leadership role at the Federal Reserve Bank of Boston and participated as a member of the Federal Open Market Committee, which is charged with setting monetary policy.

American Stock Exchange

Syron assumed the role of CEO at the American Stock Exchange in 1994, guiding the organization through its 1998 merger with the National Association of Securities Dealers.

Thermo Electron and Freddie Mac

In 1999, Syron was appointed CEO of Thermo Electron before transitioning to Freddie Mac in 2003. Despite concerns raised by Freddie Mac’s chief risk officer regarding escalating portfolio risks in 2004, Syron opted not to implement corrective measures. By December 2007, he publicly acknowledged significant anticipated losses due to deteriorating conditions in the housing market and increasing mortgage defaults. Even amid these difficulties, Syron reportedly received compensation exceeding $19 million in 2007. His tenure ended on September 6, 2008, when Freddie Mac was placed under conservatorship by the Federal Housing Finance Agency. Details about any severance arrangement remain unclear.

On December 9, 2008, Syron appeared before the United States House Committee on Oversight and Government Reform to provide testimony concerning Freddie Mac's collapse and the wider financial market turmoil.

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