Omaha, Nebraska - (February 13, 2017) - Farm Credit Services of America (FCSAmerica) and Frontier Farm Credit today announced that Doug Stark has informed the Boards of Directors of his plan to retire as president and chief executive officer. Stark will continue to serve until his successor is named but no later than March 1, 2018.
The Boards are forming a search committee to identify a new CEO.
Stark has served as president and CEO at FCSAmerica since 2005. Under his leadership, the financial cooperative's assets have grown from $9.7 billion to $25.8 billion as of September 30, 2016. Annual net income from 2005 to 2015 grew from $144 million to $514 million.
Under a strategic alliance formed with FCSAmerica in 2015, Stark also serves as president and CEO of Frontier Farm Credit. The Association had assets of $1.9 billion on September 30, 2016, and net income of $31.2 million in 2015.
"It has been an honor to lead our teams and work with our Directors in fulfilling our mission," Stark said. "Our Associations are as strong as they've ever been, and I'm confident our Boards will select a leader who not only continues our record of success but also takes our organizations to new levels of effectiveness and performance."
Nick Hunt, chair of the FCSAmerica Board, said, "Doug has done a superb job as CEO. He's built an unrivaled organization in terms of financial stability, internal culture, and excellence in business processes and technology. We're especially well-positioned to continue serving customers as we transition to a new leader."
Bill Miller, chair of the Frontier Farm Credit Board, added, "Doug's vision and his passion for serving others are exceptional. We are grateful for his leadership, his integrity and the legacy he's created at our Associations."
Stark joined FCSAmerica in 1980 as an assistant loan officer. Prior to being named CEO, he served for eight years as the organization's chief credit officer. He holds a Bachelor of Science degree from the University of Wyoming.
About Farm Credit Services of America and Frontier Farm Credit
FCSAmerica and Frontier Farm Credit are customer-owned financial cooperatives proud to finance the growth of rural America, including the special needs of young and beginning producers. FCSAmerica provides credit and insurance services to farmers, ranchers, agribusiness and rural residents in Iowa, Nebraska, South Dakota and Wyoming. Frontier Farm Credit serves eastern Kansas. Learn more at www.fcsamerica.com and www.frontierfarmcredit.com.