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Southern AgCredit Announces CEO Transition

Ridgeland, Miss. – Southern AgCredit Announces CEO Transition, Phillip Morgan to Succeed Joe Hayman.

Southern AgCredit, a cooperatively owned agricultural lender with $1.2 Billion in assets, today announced that Phillip Morgan will succeed Joe Hayman as the institution’s next Chief Executive Officer. Hayman, after 12 years in the position, is leaving to become the CEO of Lone Star Ag Credit, headquartered in Fort Worth, Texas. Lone Star also is a member of the Farm Credit System with $1.7 Billion in assets.

Morgan joined Southern AgCredit in 2008 and currently serves as the Chief Financial and Operating Officer, overseeing the organization’s accounting, operations, and technology functions. His tenure with the institution, coupled with 10 years in public accounting, has enabled him to develop a deep understanding of the industry. Morgan, a native of Mount Olive, holds a bachelor’s degree in Accounting from the University of Southern Mississippi and is a CPA.

“The board and management have worked for several years building bench strength on the Southern AgCredit team. The board selected Phillip due to his outstanding leadership, institutional knowledge and diverse experience that will be key to continuing our business strategy,” said Kevin Rhodes, Chairman of the Southern AgCredit Board of Directors. “Phillip has been a key member of the senior management team and we look forward to working with him in this new capacity, as we maintain our focus on the needs of our customer-owners, their businesses, and our employees.”

“I’m honored that the board has selected me to be the next leader of our organization,” said Morgan. “Southern AgCredit has a strong reputation in the marketplace and I look forward to leading our outstanding and dedicated team in continuing our support for agriculture in Mississippi and Louisiana.”

Departing CEO Joe Hayman led the institution for a transformative 12 years, guiding its growth to become a dominant, efficient and effective financial institution. “Joe came in at a very pivotal time to the institution and not only navigated it through some very challenging times, he worked to foster an ownership culture that is unique to the industry,” said Rhodes. “That culture is the foundation of our success and is key to our
ability to exceed expectations, every time. We wish Joe and his family nothing but the best as they move into this new chapter with Lone Star.”

“It has been my privilege to lead this organization and I look forward to continuing the relationships we have built here.” said Hayman. “I have no doubt that with the Board’s continued strong leadership, Phillip and the team will forge ahead, providing first-class financing solutions to our customers, and will take the organization to the next level of success.”

The CEO transition will take place on February 21; Hayman will remain as CEO of Southern AgCredit until that time.

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