Tech and Web NEWS

Michael E. Gerber to replace Henry D. Edelman at Farmer Mac

By Amarendra Bhushan for CEOWORLD Magazine Updated:October 2, 2008

The Federal Agricultural Mortgage Corporation (Farmer Mac), as the government-sponsored enterprise is called, named Michael A. Gerber acting president and CEO, replacing Henry D. Edelman, will lead the search for a new Chief Financial Officer. Gerber will continue as CEO of Farm Credit of Western New York, an association in the Farm Credit System. Farmer Mac was created in 1988 by the government to expand the availability of long-term financing to American farmers, ranchers and rural homeowners.

In another news its Board of Directors has named Timothy L. Buzby, Vice President – Controller, as Acting Treasurer to replace Nancy E. Corsiglia, who was Executive Vice President – Chief Financial Officer and Treasurer. In conjunction with Mr. Gerber’s appointment, the Board has constituted an Executive Committee of the Board, consisting of Mr. Gerber, Lowell L. Junkins, the Acting Chairman of the Board, and Dennis A. Everson, President of First Dakota National Bank, Agri-business Division. The Committee will work closely with Mr. Gerber and the continuing officers of Farmer Mac with respect to Farmer Mac’s operations, capital structure and transition issues, including the search for a new, permanent Chief Executive Officer.

Mr. Gerber emphasized, “Farmer Mac offers an invaluable service to the U.S. agricultural community and I look forward to working with Farmer Mac’s team to continue to advance its mission and offer its excellent programs. Farmer Mac’s core business remains strong and with the capital enhancement we announced today, I am confident that, with our strengthened balance sheet, we will be in a good position to continue our important mission.”

Mr. Gerber has been a member of the Farmer Mac Board since June 2007 and will continue to serve as a director of Farmer Mac during his employment as acting President and Chief Executive Officer. He has been the President and Chief Executive Officer of Farm Credit of Western New York since 1998. Mr. Gerber currently serves as a director of several agriculture related organizations. Mr. Gerber serves as a member of the Finance Committee and the Marketing Committee of the Farmer Mac Board, and will continue as a member of those committees.

Farmer Mac is a stockholder-owned instrumentality of the United States chartered by Congress to establish a secondary market for agricultural real estate and rural housing mortgage loans and rural utilities loans and to facilitate capital market funding for USDA-guaranteed farm program and rural development loans. Farmer Mac’s Class C non-voting and Class A voting common stocks are listed on the New York Stock Exchange under the symbols AGM and AGM.A, respectively. Additional information about Farmer Mac is available on Farmer Mac’s website at www.farmermac.com.

Like this article! ‹ Nokia CEO Olli-Pekka Kallasvuo likes iPhone! Foot Locker Inc fires US CEO Richard T. Mina ›
Share this Post: Get It Delivered To Your Inbox