Farmer Mac Names Zachary N. Carpenter as Successor to CEO Bradford T. Nordholm

Key Takeaways:

• Farmer Mac CEO Bradford T. Nordholm to retire March 31, 2027
• Zachary N. Carpenter appointed President and Chief Operating Officer, effective immediately
• Carpenter to succeed Nordholm as CEO upon retirement
• Nordholm led the company to double annual earnings and surpass $30 billion in business volume
• Board conducted a year-long search process before naming Carpenter as successor

Farmer Mac Announces CEO Transition

The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) announced that Chief Executive Officer Bradford T. Nordholm will retire on March 31, 2027. The company’s Board of Directors has appointed Zachary N. Carpenter, currently Executive Vice President – Chief Business Officer, as President and Chief Operating Officer, effective immediately. Carpenter has also been named Nordholm’s successor as Chief Executive Officer.

Nordholm’s Leadership and Impact

Nordholm has served as President and CEO of Farmer Mac since October 2018. During his tenure, the company's doubled its annual earnings, grew its outstanding business volume to more than $30 billion, and delivered shareholder returns among the top tier of S&P financials. His leadership focused on strengthening the company's mission of supporting the economic prosperity of rural America.

Carpenter’s Experience and Role

Carpenter joined Farmer Mac in May 2019, bringing prior experience from Johnson & Johnson, Goldman Sachs, and CoBank. At Farmer Mac, he has helped diversify the company’s loan portfolio into renewable energy, broadband infrastructure, and corporate agribusiness, while continuing to grow farm, ranch, and power utility lending.

Board Chair Lowell L. Junkins said the selection reflects Carpenter’s “track record, strategic vision, and deep commitment to our mission.” Nordholm added that Carpenter “has delivered on the vision of expanding Farmer Mac’s reach and is exceptionally well-suited to lead the company into the future.”

Carpenter’s Outlook

“I am honored to be selected to be the President and Chief Operating Officer of Farmer Mac and grateful for the trust placed in me by the Board,” Carpenter said. He emphasized his commitment to continuing the company’s mission of providing liquidity to agriculture and rural infrastructure sectors while building long-term shareholder value.