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Federal Agricultural Mortgage Corp (AGM.N)

AGM.N on New York Stock Exchange

77.96USD
16 Aug 2019
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Summary

Name Age Since Current Position

Lowell Junkins

75 2018 Chairman of the Board

Bradford Nordholm

63 2018 President, Chief Executive Officer

Myles Watts

68 2012 Independent Vice Chairman of the Board

Stephen Mullery

52 2018 Executive Vice President, General Counsel, Secretary

John Covington

63 2018 Executive Vice President – Chief Credit Officer

Brian Brinch

42 2018 Senior Vice President – Business Strategy and Financial Research

Dennis Brack

66 2001 Independent Director

Chester Culver

53 2012 Independent Director

Richard Davidson

74 2010 Independent Director

James Engebretsen

63 2008 Independent Director

Sara Faivre-Davis

54 2010 Independent Director

Thomas Hill

69 2016 Independent Director

Mitchell Johnson

77 1997 Independent Director

Clark Maxwell

47 2008 Independent Director

Robert Sexton

59 2018 Independent Director

Bruce Sherrick

55 2012 Independent Director

Keri Votruba

59 2018 Independent Director

Biographies

Name Description

Lowell Junkins

Mr. Lowell L. Junkins is Chairman of the Board of the Company. He has been a member of Farmer Mac's Board Farmer Mac since June 13, 1996, and Chairman of the Board since September 30, 2010. He previously served as Vice Chairman of the Board from December 5, 2002 to September 30, 2010 and Acting Chairman of the Board from September 15, 2008 to September 30, 2010. Effective December 7, 2017, the Board appointed Mr. Junkins as Acting President and Chief Executive Officer of Farmer Mac, a position in which he served until October 15, 2018. Mr. Junkins serves as Chairman of the Corporate Governance Committee and as a member of the Compensation Committee and the Public Policy Committee. He was appointed to Farmer Mac's Board by President Clinton in April 1996 while the Senate was in recess and was confirmed by the Senate on May 23, 1997 and reconfirmed by the Senate on June 3, 2003 and on September 30, 2010. Mr. Junkins has worked as a political affairs consultant for Lowell Junkins & Associates in Des Moines, Iowa since 1987. He owns and operates Hillcrest Farms in Montrose, Iowa, where he served as Mayor from 1971 to 1972. From 1974 through 1985, Mr. Junkins served as an Iowa State Senator, including as minority leader and majority leader from 1981 to 1985.

Bradford Nordholm

Mr. Bradford T. Nordholm is President, Chief Executive Officer of the Company. Mr. Nordholm was appointed to serve as President and Chief Executive Officer effective October 15, 2018. Prior to his appointment as Farmer Mac's Chief Executive Officer, Mr. Nordholm was employed by Starwood Energy Group Global LLC (“Starwood Energy”), an affiliate of Starwood Capital Group, in various capacities since 2006, including serving as its first Chief Executive Officer & Managing Director from 2006 to 2016, its Co-Head & Senior Managing Director from 2016 to 2017, and its Vice Chairman & Senior Managing Director since 2017. Prior to joining Starwood Energy, Mr. Nordholm served from 2002 to 2006 in dual capacities as the Co-Founder and Chief Executive Officer of Tyr Energy, an energy infrastructure management firm, and as the Chairman of Tyr Capital, a capital investment firm. From 1995 to 1998, Mr. Nordholm served as the Chief Executive Officer of U.S. Central, which was a wholesale financial cooperative for corporate credit unions in the United States. Mr. Nordholm also served in senior-level positions at Aquila, which was later acquired by Kansas City Power & Light, from 1999 to 2002, and at National Cooperative Bank from 1984 to 1995. He was also employed in various capacities by Federal Land Bank of St. Paul (reorganized into AgriBank FCB) and Interregional Service Corporation of Minneapolis (acquired by an entity in the Farm Credit System) from 1980 to 1984. Mr. Nordholm currently serves on the board of directors of Starwood Sustainable Credit and one of its portfolio companies. Mr. Nordholm received a Bachelor of Arts degree in Economics from Carleton College.

Myles Watts

Dr. Myles James Watts is Independent Vice Chairman of the Board of Federal Agricultural Mortgage Corporation. He has been a member of Farmer Mac's Board since September 30, 2010 and serves as Vice Chairman of the Board and as a member of the Corporate Governance Committee, the Enterprise Risk Committee, the Public Policy Committee, and the Strategy and Business Development Committee. Dr. Watts is a professor emeritus in the Department of Agricultural Economics and Economics at Montana State University, where he has been a member of the faculty since 1978 and previously served as the head of that department for 17 years. He currently also serves as an actuary for Watts and Associates, Inc. He has also served in various editorial capacities for the Journal of Agricultural and Resource Economics and has advised many governments and private organizations, including large international reinsurance companies, on an array of financial issues, mostly focusing on agricultural insurance. He was one of the primary organizers of the International Institute for Agricultural Risk Management and currently serves as a board member or in other leadership positions for a variety of nonprofit economic education groups. He has substantial experience with large reinsurance companies in various capacities. Dr. Watts received his Ph.D. from the University of Nebraska in 1978.

Stephen Mullery

Mr. Stephen P. Mullery is a Executive Vice President, General Counsel, Secretary of Federal Agricultural Mortgage Corp. Mr. Mullery was appointed to serve as General Counsel and Secretary on June 8, 2012. Mr. Mullery was promoted to Executive Vice President from Senior Vice President effective April 11, 2018. Prior to his appointment as General Counsel in 2012, he served as Farmer Mac's Assistant General Counsel starting in 2000 and then Deputy General Counsel starting in 2009. From 1995 to 2000, Mr. Mullery was an associate in the Washington, D.C. office of the law firm Cadwalader, Wickersham & Taft, where he focused on matters involving securitization, corporate finance, commercial real estate, and GSE regulation. Mr. Mullery received his undergraduate degree from Harvard College and graduated summa cum laude from Notre Dame Law School.

John Covington

Mr. John Curtis Covington is Executive Vice President – Chief Credit Officer of Federal Agricultural Mortgage Corp. Mr. Covington was promoted to Executive Vice President – Agricultural Finance from Senior Vice President – Agricultural Finance effective April 11, 2018, and his title was changed to Executive Vice President – Chief Credit Officer effective September 27, 2018. Prior to April 2018, Mr. Covington served as Senior Vice President – Agricultural Finance since January 26, 2015. Prior to joining Farmer Mac in 2015, Mr. Covington served as the Managing Director for the Ag and Rural Banking division at Bank of the West. Prior to joining Bank of the West in 2006, Mr. Covington worked in various loan production and management roles in the Farm Credit System and as a credit administrator at Rabobank, N.A. From 1984 until 2015, Mr. Covington served as an adjunct faculty member in the Department of Agricultural Economics and Craig School of Business at California State University. Mr. Covington also serves as a director and part-owner of the Agricultural Lending Institute in California. Mr. Covington served as the past Chairman of the Agricultural & Rural Bankers Committee of the American Bankers Association and serves as the current Chairman of the Risk Management Association's Agriculture & Agribusiness Credit & Risk Management Round Table. Mr. Covington received a Bachelor of Science degree in Finance from the University of Southern California and a Master's degree in Agribusiness from Santa Clara University.

Brian Brinch

Mr. Brian M. Brinch is Senior Vice President – Business Strategy and Financial Research of the company. Mr. Brinch was appointed to serve as Senior Vice President – Business Strategy and Financial Research on April 11, 2018. Prior to this appointment, he served as Vice President – Financial Planning and Analysis starting in April 2014. Prior to that date, Mr. Brinch served in multiple positions at Farmer Mac, including as Director – Financial Research, Manager – Financial Research, Senior Financial Research Associate, and Financial Research Associate, starting in 2000. Mr. Brinch received a Bachelor of Science degree in Meteorology from The Pennsylvania State University and a Master of Science degree in Agricultural and Applied Economics from The Pennsylvania State University. Mr. Brinch is also a Chartered Financial Analyst® charterholder and holds a Financia` Risk Manager® designation from the Global Association of Risk Professionals.

Dennis Brack

Mr. Dennis L. Brack is an Independent Director of Federal Agricultural Mortgage Corp, since June 7, 2001. He has been a member of Farmer Mac's Board since June 7, 2001 and serves as chairman of the Strategy and Business Development Committee and as a member of the Audit Committee, the Corporate Governance Committee, and the Enterprise Risk Committee. Mr. Brack served as President and Chief Executive Officer of Bath State Bank in Bath, Indiana from 1988 to 2007. He has remained as a director of Bath State Bank and is currently a director of the board of Bath State Bancorp, the holding company for the bank. He served as a member of the board of directors of Franklin County Community Foundation in Brookville, Indiana from 2007 until his retirement from the board in 2016 and served as a member of its Investment Committee from 1999 to 2009. Mr. Brack has recently worked on the steering committees for Comprehensive Plan Development in both Franklin and Union Counties, Indiana. He was also a director of the Indiana Bankers Association from 1994 to 1996 and previously served a three-year term on the Purdue University Dean's Advisory Council for the College of Agriculture. Mr. Brack received his Bachelor of Science in Accounting from Miami University of Ohio.

Chester Culver

Gov. Chester J. Culver is Independent Director of The Federal Agricultural Mortgage Corp. He has been a member of Farmer Mac's Board since April 4, 2012 and serves as the chairman of the Public Policy Committee and as a member of the Audit Committee, the Compensation Committee, and the Enterprise Risk Committee. In 2006, Gov. Culver was elected and served as Governor of the State of Iowa from 2006 until 2010. Before that time, Gov. Culver served as Secretary of State for the State of Iowa from 1998 to 2006. A graduate of Virginia Polytechnic Institute and State University, Gov. Culver began his career as an environmental and consumer advocate in the Iowa Attorney General's Office. After receiving his Master of Arts in Teaching at Drake University in 1994, he taught government and history in Des Moines, Iowa, where he also coached football and basketball. Gov. Culver has served the National Governors Association as Chairman of both the Governors Wind Energy Coalition and Governors Biofuels Coalition. He was elected as the Federal Liaison to the U.S. Congress by the Democratic Governors Association and served as a member of the Democratic Governors Executive Committee. Gov. Culver is the founder of the Chet Culver Group, a renewable energy and infrastructure consultancy firm.

Richard Davidson

Mr. Richard H. Davidson is Independent Director of Federal Agricultural Mortgage Corp., since June 3, 2010. Mr. Davidson has been a member of Farmer Mac's Board since June 3, 2010 and serves as chairman of the Compensation Committee and as a member of the Corporate Governance Committee and the Enterprise Risk Committee. Mr. Davidson is presently serving as President of Davidson Farms, Inc. and Vice President of DSF, Inc., which consists of a grain farm, cow/calf herd, and beef cattle operation located south of Columbus, Ohio. Mr. Davidson has been operating Davidson Farms, Inc. since 1970 and, together with his son, operating DSF, Inc. since 2001. Mr. Davidson has served as a member of the AgriBank, FCB board of directors since March 2005, and currently serves on its Human Resources Committee and previously served on its Finance Committee and Enterprise Risk Management Committee. He also currently serves on the board of the Fayette County Charitable Foundation and was chairman of the Fayette County Planning Commission and the Fayette County Zoning Commission. Mr. Davidson has previously served on the board and as chairman of West Central Ohio Port Authority (railroad), Fayette Landmark, Inc. Co-op Supply Business, and Fayette County Farm Bureau. He has also previously served on the board of the Columbus Production Credit Association, the Southern Ohio Farm Credit Association, and Southern State Community College. Mr. Davidson is a graduate of The Ohio State University with a degree in Agricultural Economics.

James Engebretsen

Mr. James R. Engebretsen is Independent Director of Federal Agricultural Mortgage Corp, since June 5, 2008. Mr. Engebretsen has been a member of Farmer Mac's Board since June 5, 2008 and serves as co-chairman of the Financial Risk Committee and as a member of the Corporate Governance Committee, the Enterprise Risk Committee, and the Strategy and Business Development Committee. Mr. Engebretsen has served as an advisor to Epic Ventures since January 2014 and to XIO Group and The RBL Group since June 2016 and October 2016, respectively. Mr. Engebretsen is the former Assistant Dean of the Marriott School of Management at Brigham Young University, where he served as Professor of Finance from 2004 until August 2014. He formerly served as the Managing Director of the Peery Institute of Financial Services at the Marriott School from 2004 to 2006. He joined the Marriott School with nearly fifteen years of work experience at Lehman Brothers, JP Morgan, and Goldman Sachs in New York and Philadelphia. Mr. Engebretsen left Goldman Sachs in 1995 to set up his own hedge fund, Associates Capital Management. He is a registered investment advisor and earned his Master of Business Administration and Bachelor of Science in Economics from Brigham Young University.

Sara Faivre-Davis

Dr. Sara Louise Faivre-Davis, Ph.D., is Independent Director of Federal Agricultural Mortgage Corp., since September 30, 2010. Dr. Faivre-Davis has been a member of Farmer Mac's Board since September 30, 2010 and serves as a member of the Audit Committee, the Compensation Committee, the Enterprise Risk Committee, and the Strategy and Business Development Committee. Since 2015, Dr. Faivre has been President of Sara Faivre Inc., which provides executive coaching and leadership development consulting to emerging technology, biotechnology, and agricultural firms. In March 2018, Dr. Faivre was appointed to serve on the board of directors of One More Cloud, an early-stage provider of hosted web search solutions. Dr. Faivre also co-owns and is an advisory partner of Wild Type Ranch along with her husband, Ralph Mitchell. She has operated Wild Type Ranch since 2005. Dr. Faivre co-founded GenomicFX, a livestock genomics company, and served as Vice President of Bioinformatics and Vice President of Swine Business Development from 2000 to 2001. In 2001, she co-founded ViaGen, Inc., a livestock genetic improvement company, where she served in several capacities, including President, from 2001 to 2006. Dr. Faivre has held research positions as a staff scientist with the United States Department of Agriculture on the Bovine Genome Project and with the University of Iowa on the Human Genome Project. Her academic career also includes faculty appointments at the University of Illinois and Texas A&M University. Dr. Faivre is also a board leadership fellow in the National Association of Corporate Directors where she focuses on training in compensation, cyber security, and risk and serves on the advisory board for the Austin chapter of this association. Dr. Faivre graduated with honors from Iowa State University with a Bachelor of Science in Agricultural Business and Animal Science in 1986, and she earned her Ph.D. in Genetics from Texas A&M in 1991.

Thomas Hill

Mr. Thomas William Hill is an Independent Director of Federal Agricultural Mortgage Corp., since June 7, 2012. Mr. Hill has been a member of Farmer Mac's Board since June 7, 2012 and serves as a member of the Financial Risk Committee and the Strategy and Business Development Committee. Mr. Hill served until November 2010 as Senior Vice President, Chief Financial and Operations Officer of Farm Credit Bank of Texas. In that role, Mr. Hill was responsible for the financial management, operations and technology, and human resources departments within the finance division of Farm Credit Bank of Texas. He also managed the bank's loan pricing, interest rate risk management, financial planning, financial reporting, and accounting systems. Mr. Hill began his Farm Credit System career in 1974 in the finance and accounting department at the Federal Intermediate Credit Bank of Spokane. In 1987, he transferred to the Farm Credit System Capital Corporation to join the team that monitored the operations of distressed Farm Credit System banks. In 1988, he joined the Farm Credit Bank of Texas, where he was responsible for developing plans for implementing provisions of the Agricultural Credit Act of 1987. Mr. Hill has been a member of System Work Groups addressing how to determine the adequacy of capital for Farm Credit System institutions since the introduction of capitalization regulations in the late 1980s. Within the Farm Credit System, he has also served as chairman of the Capital Adequacy Work Group and was a charter member of the Accounting Standards Work Group. Mr. Hill is a graduate of Texas A&I University (Texas A&M University - Kingsville).

Mitchell Johnson

Mr. Mitchell A. Johnson is Independent Director of Federal Agricultural Mortgage Corp, since June 12, 1997. Mr. Johnson has been a member of Farmer Mac's Board since June 12, 1997 and serves as a member of the Compensation Committee and the Public Policy Committee. Mr. Johnson is a financial consultant. He is also a trustee of, and during the past several years has served as director for, the Advisors' Inner Circle Funds, the Advisors' Inner Circle Funds II, The Bishop Street Funds, and SEI Funds. Mr. Johnson formerly was President of MAJ Capital Management, Inc., an investment management firm that he founded in 1994 following his retirement from the Student Loan Marketing Association ("Sallie Mae"). During his 21 years with Sallie Mae, Mr. Johnson held numerous positions within that organization including, for the seven years preceding his retirement, Senior Vice President, Corporate Finance. He has been a trustee of Citizens Funds, Rushmore Funds, and Diversified Funds. Mr. Johnson also served as a director of Eldorado Bancshares, Inc., the holding company for Eldorado and Antelope Valley Banks.

Clark Maxwell

Mr. Clark B. Maxwell is Independent Director of Federal Agricultural Mortgage Corp., since June 5, 2008. Mr. Maxwell has been a member of Farmer Mac's Board since June 5, 2008 and serves as a member of the Audit Committee, the Compensation Committee, and the Financial Risk Committee. Mr. Maxwell currently serves as President and Chief Executive Officer at Chatham Financial Corp., where he has held various positions since 2002, including most recently as Chief Operating Officer from June 2013 to December 2018. Chatham provides comprehensive interest rate, commodity, and currency hedging expertise to over 2,500 financial institutions, real estate companies, and other institutional clients. From 1998 to 2002, Mr. Maxwell was a Manager at Ernst & Young LLP, where he specialized in audits of financial institutions and served as a derivatives and hedging subject matter expert. Mr. Maxwell was a Postgraduate Technical Assistant at the Financial Accounting Standards Board from 1997 to 1998, where he worked on the development of Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities. Mr. Maxwell is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. He received his Bachelor of Science, summa cum laude, and Master of Accountancy from Brigham Young University.

Robert Sexton

Mr. Robert G. Sexton is Independent Director of the company. He has been a member of Farmer Mac's Board since May 5, 2018 and serves as a member of the Audit Committee and the Public Policy Committee. Mr. Sexton has operated a citrus growing and packing business since 1983 through a number of entities, including Sexton Grove Holdings, LLC, Sexton Citrus, LLC, Oslo, Inc., and Oslo Packing Company, Inc. He currently serves as President of the Oslo Citrus Growers Association and has been a member of this organization since 1983. Mr. Sexton also co-owns Orchid Island Juice Company, which he and his wife founded in 1989. Mr. Sexton has served on the board of directors of Farm Credit of Florida since 2011, and served as its Chairman from 2015 to 2017. Mr. Sexton has served on the board of directors of McArthur Farms since 2001. He previously served on the board of directors of Farm Credit of South Florida from 1996 until 2010, and served as its Chairman from 2003 to 2005. Mr. Sexton also previously served on the board of directors of AgFirst Farm Credit Bank from 2000 to 2011 and again from 2013 to 2016, and served as its Chairman from 2007 to 2009. Mr. Sexton has also previously served on the boards of several other organizations, including the Indian River Citrus League, the Florida Citrus Packers Association, and Highland Exchange Service Cooperative. Mr. Sexton earned a Bachelor of Science in Business Administration and a Master of Business Administration from the University of Florida.

Bruce Sherrick

Dr. Bruce J. Sherrick is Independent Director of The Federal Agricultural Mortgage Corp. Dr. Sherrick has been a member of Farmer Mac's Board since April 3, 2012 and serves as chairman of the Audit Committee and as a member of the Financial Risk Committee. Dr. Sherrick has held the Marjorie and Jerry Fruin Professorship since 2013 and has served as the Director of the TIAA Center for Farmland Research in the Department of Agricultural and Consumer Economics since 2014 at the University of Illinois. Dr. Sherrick teaches undergraduate and graduate courses in applied finance and financial modeling and has experience in credit risk assessment, credit evaluation, farmland valuation, capital modeling, crop insurance, and development of computerized decision aids. He also has taught banking seminars and Basel-related sessions to international banking audiences and has developed and supported risk-based capital stress tests. Dr. Sherrick earned his Ph.D. from The Ohio State University with subject matter fields in Finance and Marketing. Dr. Sherrick is also currently managing partner of integrated Financial Analytics & Research (iFAR), a consulting firm that specializes in credit risk assessment and modeling of agricultural finance institutions.

Keri Votruba

Mr. Keri L. Votruba is Independent Director of the company. He has been a member of Farmer Mac's Board since May 5, 2018 and serves as a member of the Corporate Governance Committee, the Public Policy Committee, and the Strategy and Business Development Committee. Mr. Votruba has operated a cow/calf business in Nebraska and has been engaged in raising various crops, including wheat, corn, beans, and alfalfa, since 1980. Mr. Votruba has served as a member of AgriBank, FCB's board of directors since 2004 and currently serves as its Vice Chairman and as a member of its Audit Committee and Governance Structure Committee. He previously served as the Chairman of AgriBank's board from 2010 to 2012 and as a member of its Finance Committee, Human Resources Committee, and Risk Committee. Mr. Votruba also previously served as a member of the board of directors of Farm Credit Services of America and as a member of its Finance Committee from 2001 to 2004. Mr. Votruba earned an Associate's degree in agri-business at East Wyoming College.

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