Good morning, Broadsheet readers! Buzzy beauty brands explore sales, MacKenzie Scott rolls out $640 million in donations to nonprofits, and Fannie Mae’s CEO always knew she’d be a leader. Have a wonderful Wednesday.
– Leadership track. When Priscilla Almodovar was 6 years old, she carried an attaché case to school alongside her backpack. “I always, even from a young age, thought I would be leading something,” she says.
Today Almodovar is the CEO of Fannie Mae, the government-chartered mortgage-financing business ranked No. 28 on the Fortune 500. The position makes her one of only five female CEOs to run a business in the Fortune 500’s top 30—and the only Latina CEO of a Fortune 500 business. Her parents moved to Brooklyn from Puerto Rico in the 1950s and bought their first house when Almodovar was 5, she recalls. “I still remember the first night I slept in my room,” she says.
Almodovar shared these reflections on the latest episode of Fortune‘s podcast Leadership Next with Alan Murray and Michal Lev-Ram. Her experience informs how she thinks about making housing accessible to Americans today.
Started during the Great Depression, Fannie Mae today buys mortgages from lenders, securitizes them, and sells them to investors. The company with $4.3 trillion in assets—equal to one in four U.S. mortgages—aims to bring liquidity to the housing market and lower interest rates for homeowners. “Our business model is: We manage a lot of risk,” Almodovar explains. A JPMorgan alum, Almodovar says she learned how to be a “risk manager” from JPMorgan Chase CEO Jamie Dimon.
While homeowners’ needs are evolving, Almodovar says that people still associate homeownership with a “good life.” “The American dream is still very much alive,” she says.
However, Fannie Mae has taken steps to support renters, too. It’s gotten 500,000 rental units to report rent payments so that those renters can rely on their rent payment history—rather than only a credit score—as proof of their qualifications to buy. “A housing payment is a housing payment, whether it’s a rental payment or principal and interest payment,” the CEO says.
To learn more about Almodovar and the housing market, listen to the full Leadership Next episode on Apple Podcasts or Spotify.
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.
ALSO IN THE HEADLINES
- Across the aisle. Two competitors in the beauty industry are reportedly seeking potential investors or buyers as they try to cash in on their success. Selena Gomez's Rare Beauty is putting out feelers for a $2 billion sale, Bloomberg reports. Meanwhile, Puck reports that Emily Weiss-founded Glossier, which has seen an uptick in business since CEO Kyle Leahy took over in 2022, is eyeing an exit.
- Doubling down. MacKenzie Scott announced that she will donate $640 million in $1 million and $2 million sums to more than 350 nonprofits that applied for the grants, more than doubling the amount she initially planned to give out via the open call. Fortune
- Paying off. Female employment in Japan is rising, beating even workforce participation rates in the U.S. The uptick is evidence that the country's roughly 11-year push to make professions more women-friendly is paying off. Some Japanese business leaders say they underestimated how much policies like expanding the capacity of childcare centers would incentivize women to return to work. New York Times
- Weighing the pros and cons. Oprah Winfrey, who says she takes a weight loss drug, hosted an hour-long primetime special on Monday to discuss weight shaming and the growing popularity of weight loss drugs. Winfrey reflected on press scrutiny of her fluctuating weight and surfaced positive and negative stories of Ozempic and Wegovy patients. New York Times
- Back to basics. The Stanley cup brand is now going after its original target consumer—men—after growing revenue by more than 900% in four years. Brand marketing VP Jenn Reeves says Stanley already "[has] the women, and they love us." Wall Street Journal
MOVERS AND SHAKERS: Hyland named Becca Toth senior vice president and chief marketing officer. Monday.com appointed Petra Jenner to its board of directors. Kindbody announced Gina Bruzzichesi as chief operating officer and Haleigh Tebben as chief revenue officer. Accolade promoted Kelsi McDonald Harris to chief people officer.
ON MY RADAR
Who is Nicole Shanahan, RFK Jr.’s possible vice president pick? USA Today
Sophie Grégoire Trudeau on her new memoir, her separation, and making her own way Vogue
How Quinta Brunson hacked the sitcom The New Yorker
PARTING WORDS
“I don’t think a woman should be stripped of her diamonds just because she’s losing a man.”
—Model Emily Ratajkowski on repurposing her engagement ring as a "divorce ring"
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