Roger Birk, president and chief executive of...

Roger Birk, president and chief executive of the Federal National Mortgage Assn., announced his retirement effective Jan. 31.

Fannie Mae said in a press release that Lawrence Small will become president and chief operating officer-designate during a five-month transition period between Sept. 3 and Jan. 31, before assuming his new position. He will also become a member of Fannie Mae’s board.

Franklin Raines will become vice chairman-designate during the transition period.

Small, 49, is currently vice chairman of New York-based Citicorp. Raines, 42, is a former Lazard Freres & Co. general partner.

Birk, 60, has served as Fannie Mae’s president and chief operating officer since November, 1987, and served on the company’s board since May, 1985. Previously he was chairman and chief executive of Merrill Lynch & Co., New York.