FEDERAL AGRICULTURAL MORTGAGE CORPORATION (NYSE:AGM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
FEDERAL AGRICULTURAL MORTGAGE CORPORATION (NYSE:AGM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 8, 2019, Gregory N. Ramsey, Vice President – Controller of the Federal Agricultural Mortgage Corporation (“Farmer Mac”), assumed the duties of Farmer Mac’s principal financial officer on an interim basis. Mr. Ramsey replaced R. Dale Lynch, Farmer Mac’s former Executive Vice President – Chief Financial Officer and Treasurer, whose last day of employment with Farmer Mac was July 8, 2019. Farmer Mac is retaining an executive search firm to assist in identifying and evaluating candidates for the Chief Financial Officer position.
Mr. Ramsey, age 55, has served as Farmer Mac’s Controller and principal accounting officer since October 2013. He was promoted to Vice President in May 2018. Prior to Mr. Ramsey’s employment with Farmer Mac, he was a Senior Manager at PricewaterhouseCoopers from 2010 to 2013, the Vice President of Accounting Policy at Fannie Mae from 2004 to 2010, and a Professional Accounting Fellow in the Chief Accountant’s Office of the Office of the Comptroller of the Currency from 2002 to 2004. There is no agreement or understanding between Mr. Ramsey and any other person to which Mr. Ramsey was appointed as interim principal financial officer, nor is there any family relationship between Mr. Ramsey and any of Farmer Mac’s directors or executive officers. There are no transactions in which Mr. Ramsey has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Mr. Lynch’s departure was not related to any disagreement about Farmer Mac’s accounting practices, financial reporting, internal controls, or operations. Mr. Lynch was a participant in Farmer Mac’s Amended and Restated Executive Officer Severance Plan, a copy of which was filed as Exhibit 10.1 to Farmer Mac’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 3, 2016. He is eligible to receive separation pay under Section 5.01(a) of that plan, subject to compliance with its terms.
About FEDERAL AGRICULTURAL MORTGAGE CORPORATION (NYSE:AGM)
Federal Agricultural Mortgage Corporation (Farmer Mac) provides a secondary market for a range of loans made to borrowers in rural America. The Company operates through four segments: Farm & Ranch, the United States Department of Agriculture (USDA) Guarantees, Rural Utilities and Institutional Credit. The Company purchases mortgage loans on agricultural real estate and rural housing under the Farm & Ranch line of business. Under the USDA Guarantees business, Farmer Mac II LLC, a subsidiary of Farmer Mac, purchases agricultural, rural development, business and industry, and community facilities loans guaranteed by the USDA. The Company purchases and guarantees securities backed by rural utilities loans under the Rural Utilities business. Under the Institutional Credit line of business, Farmer Mac purchases or guarantees general obligations of institutions approved by Farmer Mac. The Company sells its guarantees of securities under the AgVantage brand name.
