Farmer Mac CEO Bradford Nordholm will retire in 18 months, the corporate introduced Thursday.
Nordholm took over as CEO in 2018, nearly a 12 months after Farmer Mac fired former CEO Timothy Buzby for violating firm insurance policies not associated to its monetary and enterprise efficiency. With Nordholm on the helm, Farmer Mac, a secondary market supplier of agricultural loans, doubled its annual earnings and grew excellent enterprise quantity to greater than $30 billion.
Farmer Mac’s board of administrators appointed Zachary Carpenter, the present government vp and chief enterprise officer, as president and chief working officer, efficient instantly. Carpenter will function Norholm’s successor when he retires on March 31, 2027.
“By naming Zack as chief government officer upon Brad’s retirement, the Board expresses our confidence in his skill to construct on Farmer Mac’s sturdy monetary momentum,” mentioned Lowell Junkins, board chair, in a press launch. (*18*)
Nordholm’s successor has expanded Farmer Mac’s position
Carpenter joined Farmer Mac in 2019 after holding roles with Johnson & Johnson, Goldman Sachs and CoBank. At Farmer Mac, he has performed a key position in diversifying the corporate’s portfolio into newer strains of enterprise, resembling renewable power, broadband infrastructure and company agribusiness. He additionally helped develop its farm, ranch, energy and utilities companies.
Nordholm mentioned in the press launch that he credited Carpenter with “extending our attain to extra corners of rural America, growing sturdy buyer relationships, and forging enduring strategic partnerships.”
“Brad has performed a pivotal position in strengthening and rising Farmer Mac, and as I transition into the CEO position, I look ahead to persevering with that progress,” Carpenter mentioned.
