Freddie Mac said Monday that director Laurence E. Hirsch will not seek re-election to the government-controlled mortgage company's board of directors when his term expires.
Hirsch joined Freddie Mac's board in December 2008, and was most recently re-elected on Feb. 17 by written consent of the company's conservator, the Federal Housing Finance Agency.
He cited increased personal and professional commitments as the reasons behind his decision to step down at the end of his term.
Hirsch's current term will end on the date of Freddie Mac's next annual meeting of shareholders or when the FHFA next executes a written consent for the purpose of electing directors, whichever occurs first.
Hirsch is the chairman of Eagle Materials Inc., and has served as chairman of private equity firm Highlander Partners LP since April 2004.