Fannie Mae , the government-controlled U.S. home funding company, on Monday named Michael Williams as president and chief executive officer.

Williams, most recently the company's chief operating officer and previously with KPMG Peat Marwick and DuPont Company, will succeed Herbert Allison. Allison has been nominated as assistant secretary for financial stability and counselor to the secretary at the Treasury Department.

Fannie Mae said that as COO, Williams oversaw the restructuring of its foreclosure prevention and loss mitigation programs, and led efforts to carry out the administration's Making Home Affordable loan refinance and modification efforts.

Williams was also involved in the company's financial restatement, reorganization and transition to conservatorship, Fannie Mae said in a statement.

Fannie Mae, and its counterpart Freddie Mac , have seen a steady turnover among executives since the companies were seized by the government in September.

James Lockhart, director of the company's regulator, the Federal Housing Finance Agency, said Williams was also responsible for implementing the corrective actions that led this agency to lift the consent order stemming from our special examination into accounting and management problems at the company. In a statement, Lockhart said Williams joined Fannie Mae in 1991.

(Reporting by Lynn Adler; Editing by James Dalgleish)