CFC Taps CFO J. Andrew Don To Assume CEO Post

DULLES, Va., March 11, 2021 (GLOBE NEWSWIRE) --  The National Rural Utilities Cooperative Finance Corporation (CFC), a member-owned nonprofit cooperative that provides financial products and services to America's rural electric cooperative network, announced today that Chief Financial Officer J. Andrew Don, has been selected by its board of directors to assume the role of chief executive officer, effective May 3, 2021. Don assumes the position from long-time CEO Sheldon C. Petersen, age 68, who in July 2020 announced his plan to retire. Global executive search firm Korn Ferry KFY led the search process for a replacement.

"We conducted a national search for a strong leader with impeccable credentials and experience who will execute innovative strategies to maintain our position as the most trusted financial resource for the electric cooperative network," said Board President Alan W. Wattles. "We have witnessed Andrew's guidance as CFC's CFO and believe he has developed and executed extremely successful market transactions on behalf of CFC and rural electric cooperatives."

Wattles added, "Clearly, Andrew's deep knowledge of the financial services industry, well-established relationships with the investor community and rating agencies, and fundamental understanding of the rural electric cooperative business model will ensure CFC maintains its strong position and can weather the most challenging future market conditions, ensuring our members have the capital they need to be successful."

Current CEO Petersen stated, "Based on his long-tenured experience, understanding of our member-owners and expertise in the capital markets, Andrew is clearly the correct choice to lead CFC into the future. Under his tenure as finance chief, CFC has been the leading private market provider of credit and liquidity to the electric cooperative network."

As senior vice president and CFO since 2013, Don has had oversight of CFC's treasury and finance group and the generation and transmission portfolio management function. Before that, he served as treasurer, vice president of capital market relations and director of loan syndications. His supervision included all funding operations for CFC, investor relations, banking relations, rating agency liaison and syndications on behalf of CFC members. Prior to joining CFC in 1999, Don held the position of vice president and manager of the Washington, D.C., Loan Production Office for The Bank of Tokyo–Mitsubishi (now Mitsubishi United Financial Group). He started his banking career with the Bank of Montreal in New York in 1984 and subsequently was a vice president of corporate banking for The Bank of New York from 1987 to 1990.

"It's an honor to be selected as the next CEO of CFC and to continue the legacy of service that began more than 50 years ago. I look forward to working with our employees, our members and the capital markets to ensure CFC continues to provide the funding, industry expertise and strategic services electric cooperatives need to deliver affordable and dependable essential services to their communities," Don said.

Don serves on the board of directors for ThanksUSA, a national charitable organization dedicated to assisting U.S. military families by providing scholarships and pathways to employment for the spouses and children of America's men and women in uniform. He received a bachelor's degree from Dickinson College in Pennsylvania and an M.B.A. from Fordham University.

About CFC
Created and owned by America's electric cooperative network, the National Rural Utilities Cooperative Finance Corporation (CFC)—a nonprofit finance cooperative with more than $28 billion in assets—provides 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.