WASHINGTON, Dec. 7, 2017 /PRNewswire/ -- The board of
directors of the Federal Agricultural Mortgage Corporation (Farmer
Mac; NYSE: AGM and AGM.A) has unanimously appointed Lowell L. Junkins to the position of acting
president and chief executive officer. Mr. Junkins, who will
continue serving as board chairman, has been a member of the board
since 1996. He became chairman in late 2010.
This appointment follows the board's decision to terminate
former President and Chief Executive Officer Timothy L. Buzby. The board terminated Mr. Buzby
solely on the basis of violations of company policies unrelated to
the company's financial and business performance.
The Board will launch an immediate and thorough search for a new
president and chief executive officer and will consider both
internal and external candidates.
"My job, as acting CEO, is to make sure nothing gets in the way
of this organization's stellar leadership team and staff and the
excellent work they do every single day," Junkins said. "As our
third quarter results demonstrate, we have been performing
extraordinarily well and look forward to that continuing without a
hitch."
Junkins, 73, is an Iowa
businessman who operates both Hillcrest Farms in Montrose, Iowa and an Iowa-based public affairs consulting firm. He
previously served as vice chairman of the Farmer Mac board and was
named acting chairman of the board in September 2008. He became Chairman on
September 30, 2010.
About Farmer Mac
Farmer Mac is a vital part of the
agricultural credit markets and was created to increase access to
and reduce the cost of capital for the benefit of American
agricultural and rural communities. As the nation's premier
secondary market for agricultural credit, we provide financial
solutions to a broad spectrum of the agricultural community,
including agricultural lenders, agribusinesses, and other
institutions that can benefit from access to flexible, low-cost
financing and risk management tools. Farmer Mac's customers benefit
from our low cost of funds, low overhead costs, and high
operational efficiency. In fact, we are often able to provide the
lowest cost of borrowing to agricultural and rural borrowers. For
more than a quarter-century, Farmer Mac has been delivering the
capital and commitment rural America deserves. Additional
information about Farmer Mac is available on Farmer Mac's website
at www.farmermac.com.
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SOURCE Farmer Mac