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Farmer Mac Abruptly Fires Leader

Phil Hall
Dec 08, 2017
Federal Agricultural Mortgage Corporation, also known as Farmer Mac, has announced that J. Curt Covington has resigned as executive vice president and chief credit officer, effective today

Farmer Mac, arguably the quietest government-sponsored enterprise (GSE), has become embroiled in a mysterious controversy surrounding the abrupt firing of its leader.
 
In a press statement, Farmer Mac announced that its Board of Directors fired Timothy L. Buzby as President and CEO. Buzby, who had been on the job since 2012, was removed “solely on the basis of violations of company policies unrelated to the company’s financial and business performance.”
 
No further explanation of Buzby’s departure was offered, and Buzby made no public comment.
 
Lowell L. Junkins, who has been Farmer Mac’s Board Chairman since 2010, will serve as Acting President and Chief Executive until a full-time replacement is named.
 
“My job, as acting CEO, is to make sure nothing gets in the way of this organization’s stellar leadership team and staff and the excellent work they do every single day,” Junkins said. “As our third quarter results demonstrate, we have been performing extraordinarily well and look forward to that continuing without a hitch.” 

 
Published
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