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AgStar announces upcoming retirement of CEO

Fri, Jul 11th, 2014
Posted in All Business Announcements

Mankato, Minn., – AgStar Financial Services, ACA today announced that President and Chief Executive Officer Paul DeBriyn has decided to retire as CEO, effective immediately. However, DeBriyn will stay on for the next nine months serving as strategic advisor to ensure a smooth transition for the organization. The AgStar Board of Directors will move forward with a process to choose his successor. DeBriyn will officially retire from AgStar on April 1, 2015.

Until a new CEO is named, AgStar’s Executive Vice President and Chief Financial Officer, Rod Hebrink will serve as interim CEO. Using his knowledge and depth of experience, DeBriyn will offer guidance to the Board of Directors, interim CEO and eventually the replacement CEO over the next nine months.

“Through Paul’s leadership, and with a dedicated team, AgStar is in a strong position today as an innovative and successful financial services partner to rural America,” commented AgStar Board of Director Chairperson, Spencer Enninga. “On behalf of the Board of Directors, we want to thank Paul for his years of outstanding leadership and I’m confident the AgStar team will continue on this trajectory of success.”

“AgStar truly has the best clients and team members and I’ve been privileged to lead this great organization for the last 27 years,” DeBriyn said. “The organization is in a solid place. Coupling our strong financials with word-class team engagement and client loyalty, I know this is the right time to transfer AgStar’s leadership. The organization is positioned for great success and the future is bright.”

The board of directors is working through the logistics for the process of a successor for DeBriyn. “The board is committed to a smooth transition, ensuring we remain dedicated to our mission of enhancing life and agriculture in rural America,” explained Enninga. “As we complete this process, we’re very confident in the leadership team and believe AgStar is poised to become an even more valued financial services provider, supporting the success of rural America by creating and delivering products, services and advice to farmers and rural business owners.”

About AgStar

AgStar Financial Services, ACA, headquartered in Mankato, Minn., employs more than 600 full-time team members. The company is part of the national Farm Credit System and has a public mission to serve 69 counties in Minnesota and northwest Wisconsin. AgStar’s industry specialization, client segments and market delivery systems result in diversification nationwide. The company has expertise in the corn, soybean, swine, dairy and bio-energy industries. AgStar has developed successful programs in loans, leases, crop insurance, consulting and rural home mortgages. As a value-added financial services cooperative, AgStar allocates patronage dividends to its 15,000 stockholders. The company is also committed to giving back to rural residents, organizations and communities through AgStar’s Fund for Rural America. Visit www.AgStar.com for more information.

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