Farmer Mac names Carpenter as president, CEO successor

Federal Agricultural Mortgage Corporation (NYSE: AGM and AGM.A), known as Farmer Mac, announced Chief Executive Officer Bradford T. Nordholm will retire on March 31, 2027. The company appointed Zachary N. Carpenter as president and chief operating officer, effective immediately, and named him as Nordholm's successor.

Carpenter currently serves as executive vice president and chief business officer. He joined Farmer Mac in May 2019 after working at Johnson & Johnson, Goldman Sachs, and CoBank. The board selected Carpenter following a year-long internal and external search process.

Nordholm became president and CEO in October 2018. Under his leadership, the company doubled annual earnings and grew outstanding business volume to over $30 billion, according to the press release.

Carpenter led Farmer Mac's expansion into renewable energy, broadband infrastructure, and corporate agribusiness sectors. He also helped grow the company's farm and ranch and power and utilities businesses.

"The Board undertook a deliberate and thorough process to identify the right leader for Farmer Mac's next chapter of mission-focused growth," said Board Chair Lowell L. Junkins. "Zack's track record, strategic vision, and deep commitment to our mission make him a great choice to step into the role of President and Chief Operating Officer."

Farmer Mac provides secondary market services for agricultural and rural infrastructure financing. The company trades on the New York Stock Exchange under ticker symbols AGM and AGM.A.

The transition gives Carpenter expanded responsibilities while working with the executive team and Nordholm during the leadership change period.

You May Also Be Interested In

• Investing.com’s stocks of the week
• Short sellers pile into SpaceX ahead of earnings, lockup expiration
• Bogota Financial Corp. (BSBK) Reports Q2 EPS of $0.06