Farmer Mac CEO Bradford Nordholm to retire in 2027

Farmer Mac

Farmer Mac CEO Bradford Nordholm will retire in 18 months, the company announced Thursday.

Nordholm took over as CEO in 2018, almost a year after Farmer Mac fired former CEO Timothy Buzby for violating company policies not related to its financial and business performance. With Nordholm at the helm, Farmer Mac, a secondary market provider of agricultural loans, doubled its annual earnings and grew outstanding business volume to more than $30 billion.

Farmer Mac's board of directors appointed Zachary Carpenter, the current executive vice president and chief business officer, as president and chief operating officer, effective immediately. Carpenter will serve as Norholm's successor when he retires on March 31, 2027.

"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," said Lowell Junkins, board chair, in a press release. 

Nordholm's successor has expanded Farmer Mac's role

Carpenter joined Farmer Mac in 2019 after holding roles with Johnson & Johnson, Goldman Sachs and CoBank. At Farmer Mac, he has played a key role in diversifying the company's portfolio into newer lines of business, such as renewable energy, broadband infrastructure and corporate agribusiness. He also helped grow its farm, ranch, power and utilities businesses.

Nordholm said in the press release that he credited Carpenter with "extending our reach to more corners of rural America, developing strong customer relationships, and forging enduring strategic partnerships."

"Brad has played a pivotal role in strengthening and growing Farmer Mac, and as I transition into the CEO role, I look forward to continuing that progress," Carpenter said.