Timothy Buzby has been promoted to president and chief executive of Farmer Mac, replacing Michael Gerber, effective immediately.

Gerber was named interim president and CEO of Farmer Mac in October 2008; in March 2009, he was named to the position full time. A spokesman from Farmer Mac said Gerber was hired during a difficult period during Farmer Mac's existence. He helped to restore the company to fiscal health and now the board feels it is the right time to transition to new leadership.

Since 2009, Buzby has been Farmer Mac’s chief financial officer and treasurer, and before that was its controller.

Farmer Mac is looking for a new CFO, but in the interim, Buzby will act in that capacity.

In the press release, Lowell Junkins, chairman of Farmer Mac, said, "The board of directors and I are grateful to Michael Gerber for his leadership of Farmer Mac and for the guidance and insight he provided as our CEO."

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