Take context from the input text and decide on the accurate relationship between 'Mel Watt' and 'Director' from the options provided.
Options: member of, distributed by, position held, chief executive officer

FHFA Director Mel Watt said in a statement Wednesday that his agency’s authorizations for new Fannie Mae and Freddie Mac pay plans are meant to “promote CEO retention, allow reliable succession planning, and ensure the continuity, efficiency and stability” of the companies.
position held