FCSAmerica CEO Resigns

On Thursday, Farm Credit Services of America (FCSAmerica) chief financial office and CEO Jack Webster resigned.

Shortly after the Rabobank deal was terminated, opponents of the sale were saying Webster should step down. At the time, the board supported Webster's decisions leading up to the Rabobank offer.

But when Webster turned in his resignation of his role as president and CEO, the board of directors accepted it. Commenting on his departure, Webster says, "For this company to move forward, the board and I felt it was in the best interest of this organization to continue to grow under new leadership." The board has appointed Gene College, chief financial officer, as interim President and CEO. All remaining members of the senior leadership team will remain in place.

The board will initiate a search for Webster's successor and expects a smooth transition. Paul Folkerts, board chairman says, College's nearly 30 years in the Farm Credit System "assures continuity and continued passion to serving our customers." College has been a member of FCSAmerica's senior leadership team since 1994, and has primarily been responsible for ensuring a solid financial foundation and structure for FCSAmerica.

The Farm Credit member still plans to distribute approximately $55 million in eligible customers as part of the new patronage program.