The company said Robert Blakely, who got the MCI accounting operation back on its feet after the WorldCom bankruptcy, would join Fannie as chief financial officer after Verizon Inc's purchase of MCI closes in late 2005 or early 2006.
He will take overall responsibility for the profit restatement, which may total as much as $11 billion based on accounting errors identified so far.
Fannie announced four new accounting problems Thursday and Chief Executive Officer Daniel Mudd said more problems may surface.
"As I have said from the beginning of the restatement effort, we are looking at every accounting policy and practice at the company, and as we work our way to the bottom of the pile, we expect additional issues to come to light," he said.
Shares of Fannie Mae fell $1.01, or 2.18 percent, to $45.39 in early trading on the New York Stock Exchange.
Still, the CFO announcement, along with a host of other executives, marks a significant step for Fannie Mae toward rebuilding its management team a year after the company's chief executive and chief financial officers were ousted.
Mudd, on a conference call with investors, welcomed Blakely to Fannie Mae from MCI, saying the transition was "a little bit like one of those guys that was in World War Two and they send him directly to Korea."
Fannie Mae also appointed Mike Williams, executive vice president for regulatory agreements and restatement, as chief operating officer. It named a new chief business officer, senior vice president of strategy to evaluate new business opportunities, and other executives and board members.
The company was still searching for a general counsel.
Fannie Mae, in a filing with the US Securities and Exchange Commission, said its probe of accounting problems uncovered four new errors, including its accounting for insurance policies.