Fannie Mae CEO Daniel Mudd is shaking up the executive suite to turn around the battered mortgage buyer. He’s taking a page from the sports world, as if he’s the general manager of a football team who by simply firing the coaching staff will change the fortune of the franchise. Sport is a business, but business is not always sport. If and when Fannie gets nationalized, how great will he look?

Fannie Mae Chief Executive Officer Daniel Mudd replaced three top deputies in an effort to restore investor confidence after record losses and a 90 percent drop in the shares.

Chief Financial Officer Stephen Swad, 47, hired less than two years ago to help the government-chartered company complete an accounting overhaul, will be replaced by Controller David Hisey, 48, Washington-based Fannie said in a statement yesterday. Peter Niculescu, 48, will take over from 52-year-old Chief Business Officer Robert Levin. The head of risk management, Enrico Dallavecchia, 46, will also leave.

Mudd is shaking up Fannie's management after $9.4 billion of losses the past four quarters eroded capital and sparked concern the company may not weather the worst housing slump since the Great Depression. The decline prompted U.S. Treasury Secretary Henry Paulson to forge a rescue package for the company and smaller competitor Freddie Mac.

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