According to the company, Buzby’s termination was based solely on violations of company policies and was not related to its financial and business performance.
The Farmer Mac board unanimously appointed Lowell Junkins acting president and CEO following the termination. Junkins, who will continue as board chairman, has been a member of the board since 1996.
“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.”
Farmer Mac said its board will begin a search for a new president and CEO and will consider internal and external candidates.
Junkins previously served as vice chairman of the Farmer Mac board and was named acting chairman of the board in September 2008. He became chairman on Sept. 30, 2010.
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The board of Federal Agricultural Mortgage has fired Timothy Buzby as president and CEO of the secondary market for agricultural credit.