GlobeNewswire Inc | Oct 26, 2020 05:22PM EDT

October 26, 2020

DULLES, Va., Oct. 26, 2020 (GLOBE NEWSWIRE) -- The National Rural Utilities Cooperative Finance Corporation (CFC), a member-owned nonprofit cooperative that provides financial products and services to Americas rural electric cooperative network, announced today that it is working exclusively with the global executive search firm Korn Ferry (NYSE: KFY) to find a successor to Chief Executive Officer Sheldon Petersen, who will retire in 2021. Korn Ferry also led the search that placed Petersen as CEO in 1995.

As rural electric cooperatives navigate the current economic and health uncertainties faced by our nation, it is critical that CFC continues to provide its member-owners with the unparalleled level of financial products and services necessary to help ensure their success today and into the future, said Board President Dean R. Tesch. We are conducting a national search for a strong leader with impeccable credentials and experience who will build upon our accomplishments as well as define and execute innovative strategies to maintain our position as the most trusted financial resource for the electric cooperative network.

During Petersens 25-year tenure as CEO, he created an organizational culture focused on CFCs core values of service, integrity and excellence. In addition, the CFC loan portfolio increased from approximately $7 billion to nearly $27 billion today.

Korn Ferry, ranked by Forbes magazine as Americas best executive recruiter, plans to conduct a global search for qualified candidates based on criteria established by the CFC Board of Director search committee. Managing the search process for Korn Ferry will be Senior Client Partners Kate Shattuck, Peter Bogin and Charles Ingersoll. Any inquiries or applications, including cover letters and resumes, may be directed to Ms. Shattuck at cfcceo@kornferry.com.

About CFCCreated and owned by Americas electric cooperative network, the National Rural Utilities Cooperative Finance Corporation (CFC)a nonprofit finance cooperative with more than $28 billion in assetsprovides unparalleled industry expertise, flexibility and responsiveness to serve the needs of our member-owners. CFC is an equal opportunity provider. Visit us online at www.nrucfc.coop.

Contacts: Brad Captain Corporate Relations Group publicrelations@nrucfc.coop 800-424-2954