Farmer Mac Announces Succession Plan

Farmers must have a succession plan. Farmer Mac, the nickname for the Federal Agricultural Mortgage Corporation, that can provide some financial stability for farmers has gone public with its succession plan. The entity is a stockholder-owned, federally chartered corporation that Congress established in 1988.

Farmer Mac provides liquidity to agricultural and infrastructure finance loans, which allows lenders to give more financing for farmers, ranchers, and rural businesses.

Nordholm Retiring as Farmer Mac CEO

Brad Nordholm has served as President and Chief Executive Officer since October 2018. Farmer Mac announced that Nordholm would retire as planned as CEO on March 31, 2027.

Farmer Mac announced that its Board of Directors has appointed Zack Carpenter, currently Executive Vice President – Chief Business Officer, as President and Chief Operating Officer, effective immediately. Carpenter will also assume Nordholm’s remaining duties following his retirement.

Farmer Mac announced successes that it counts during Nordholm’s tenure. “Farmer Mac doubled its annual earnings, grew outstanding business volume to over $30 billion, and delivered top-tier total shareholder returns among S&P Financials, reflecting consistent earnings growth and operational momentum,” it stated in a release.

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Carpenter joined Farmer Mac in 2019. The news release credited his work in expanding the enterprise’s mission:

Farmer Mac Board Praises Incoming CEO

“By playing a key leadership role in Farmer Mac’s strategic decision to diversify its loan portfolio into newer lines of business, such as Renewable Energy, Broadband Infrastructure, and Corporate Agribusiness, as well as helping to grow our Farm & Ranch and Power & Utilities businesses, he has deepened the company’s mission-focused impact that is benefiting both Farmer Mac and rural America through changing market cycles.”

"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 Junkins.

Junkins has led the board since January 2022 and has served on the board since 1996. He previously served a decade as board chair from 2010-2022.

Junkins also once worked as Iowa Senate Majority Leader in the legislature and was the Democrats’ nominee for governor in 1986.

Junkins said of the board’s choice to name Carpenter as Nordholm’s successor:

“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. By naming Zack as Chief Executive Officer upon Brad’s retirement, the Board expresses our confidence in his ability to build on Farmer Mac’s strong financial momentum, commitment to mission, and culture, and guide the company to even greater impact for rural America.”

Nordholm also expressed his praise for Carpenter:

“When we recruited Zack to Farmer Mac in 2019, it was with a clear vision of fully exercising the authorities Congress has provided us in service of our mission. He has delivered on that vision with exceptional skill, building entirely new business lines, extending our reach to more corners of rural America, developing strong customer relationships, and forging enduring strategic partnerships. I am proud of Zack and confident in the Board’s decision to name Zack as the next CEO. His passion for rural America and his ability to turn that passion into tangible results make him exceptionally well-suited to lead Farmer Mac into the future.”

RELATED: Leadership transition won’t be completed for Farmer Mac until 2027, but it already happened in 2025 for this Midwest ag company.