Farmer Mac has made a change at the top.

The company, formally known as the Federal Agricultural Mortgage Corporation (AGM), announced late Wednesday that its board has named Chief Financial Officer Timothy L. Buzby as its president and chief executive, effective immediately.

Buzby replaces Michael Gerber, who was named interim CEO in September 2008 following the ouster of Henry D. Edelman, and was named permanent CEO in 2009.

At the time Gerber was hired, Farmer Mac was reeling from its losses on its investments in Lehman Brothers -- which had collapsed earlier that month -- and Fannie Mae and Freddie Mac, both of which had been seized by the government. Under Gerber, Farmer Mac was recapitalized with investments from a coalition of Farm Credit System lenders, Zions Bank and private-equity groups.

Gerber joined Farmer Mac from Farm Credit of Western New York, where he had been CEO. In a news release, Farmer Mac Chairman Lowell L. Junkins thanked Gerber for his four years of service but gave no explanation for his departure.

"The board of directors and I are grateful to Michael Gerber for his leadership of Farmer Mac and for the guidance and insight he provided as our CEO," Junkins said. "He is a true professional who fully dedicated himself to the success of Farmer Mac and its mission during his tenure."

Buzby has been Farmer Mac's chief financial officer since 2009 and previously had been the company's controller since 2000. He will remain CFO until a replacement is found, Farmer Mac said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.