Farmer Mac (NYSE: AGM) sets 2027 CEO retirement and successor plan

Rhea-AI Filing Summary

Federal Agricultural Mortgage Corporation announced a planned leadership transition. The company reported that Chief Executive Officer Bradford T. Nordholm intends to retire on March 31, 2027, providing a long, orderly runway for succession. At the same time, the Board appointed Zachary N. Carpenter as President and Chief Operating Officer, effective immediately, and named him as Mr. Nordholm’s successor upon retirement. These changes outline a clear succession plan for the top leadership roles while keeping current operations under the existing CEO for an extended period.

Insights

Corporate governance and succession analyst

Farmer Mac outlines a long-dated, orderly CEO succession plan.

Federal Agricultural Mortgage Corporation disclosed that CEO Bradford T. Nordholm plans to retire on March 31, 2027. This advance notice, combined with naming Zachary N. Carpenter as President and Chief Operating Officer effective immediately, establishes continuity in day-to-day management.

The Board has also identified Mr. Carpenter as the designated successor to the CEO role upon Mr. Nordholm’s retirement. This concentrates responsibility for operations and succession in a single executive, which can support a smoother handoff if performance and strategic alignment remain consistent.

The transition timeline extends through 2027, giving the company multiple reporting periods to demonstrate how Mr. Carpenter operates as President and COO before he steps into the CEO role. Subsequent disclosures can provide additional detail on his responsibilities, performance, and any adjustments to governance or strategy around the succession.

0000845877falseX100008458772025-09-252025-09-250000845877us-gaap:CommonClassAMember2025-09-252025-09-250000845877us-gaap:CommonClassCMember2025-09-252025-09-250000845877us-gaap:SeriesDPreferredStockMember2025-09-252025-09-250000845877us-gaap:SeriesEPreferredStockMember2025-09-252025-09-250000845877us-gaap:SeriesFPreferredStockMember2025-09-252025-09-250000845877us-gaap:SeriesGPreferredStockMember2025-09-252025-09-250000845877us-gaap:SeriesHPreferredStockMember2025-09-252025-09-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 25, 2025

FEDERAL AGRICULTURAL MORTGAGE CORPORATION

(Exact name of registrant as specified in its charter)

Federally chartered instrumentality of the United States

001-14951

52-1578738

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

2100 Pennsylvania Ave., NW, Suite 450 N

20037

Washington,

DC

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code (202) 872-7700

No change

(Former name or former address, if changed since last report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Exchange on which registered

Class A voting common stock

AGM.A

New York Stock Exchange

Class C non-voting common stock

AGM

New York Stock Exchange

5.700% Non-Cumulative Preferred Stock, Series D

AGM.PRD

New York Stock Exchange

5.750% Non-Cumulative Preferred Stock, Series E

AGM.PRE

New York Stock Exchange

5.250% Non-Cumulative Preferred Stock, Series F

AGM.PRF

New York Stock Exchange

4.875% Non-Cumulative Preferred Stock, Series G

AGM.PRG

New York Stock Exchange

6.500% Non-Cumulative Preferred Stock, Series H

AGM.PRH

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure.

On September 25, 2025, the Federal Agricultural Mortgage Corporation (“Farmer Mac”) issued a press release to announce the planned retirement of its Chief Executive Officer Bradford T. Nordholm on March 31, 2027. Farmer Mac also announced that its Board of Directors has appointed Zachary N. Carpenter as the company’s President and Chief Operating Officer effective immediately and has named Mr. Carpenter as the successor to Mr. Nordholm upon his retirement. A copy of the press release is attached to this report as Exhibit 99. All references to www.farmermac.com in Exhibit 99 are inactive textual references only, and the information contained on Farmer Mac’s website is not incorporated by reference into this report.

The information furnished in this Item 7.01, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that Section, nor will any of such information or portion of Exhibit 99 be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in that filing.

Item 9.01.        Financial Statements and Exhibits.

(d)    Exhibits

    

99			Press Release dated September 25, 2025.
104			Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION                    

                        By: /s/ Geraldine I. Hayhurst            

                         Name: Geraldine I. Hayhurst

                         Title: Executive Vice President – Chief Legal Officer

Dated: September 25, 2025

FAQ

What leadership change did Federal Agricultural Mortgage Corporation (AGM) announce?

Federal Agricultural Mortgage Corporation announced that its Chief Executive Officer Bradford T. Nordholm plans to retire on March 31, 2027, and that Zachary N. Carpenter has been appointed President and Chief Operating Officer and named as his successor.

When will AGM CEO Bradford T. Nordholm retire?

CEO Bradford T. Nordholm is expected to retire on March 31, 2027, according to the disclosed succession plan.

Who is Zachary N. Carpenter and what role will he have at AGM?

Zachary N. Carpenter has been appointed President and Chief Operating Officer of Federal Agricultural Mortgage Corporation, effective immediately, and has been named as the successor to CEO Bradford T. Nordholm when he retires.

Is the CEO change at AGM effective immediately?

No. Bradford T. Nordholm remains CEO, with his retirement planned for March 31, 2027. Zachary N. Carpenter assumes the roles of President and Chief Operating Officer now and is designated to become CEO upon Mr. Nordholm’s retirement.

What SEC item does AGM use to report this leadership transition?

The leadership transition and succession announcement are provided under Item 7.01 Regulation FD Disclosure of the Form 8-K.

Does the AGM filing include a related press release?

Yes. A press release dated September 25, 2025 describing the leadership transition is attached as Exhibit 99 to the report.