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Cape Fear Farm Credit Selects CEO with Support from FCC Services

Facing the end of their interim CEO’s term, Cape Fear Farm Credit’s board knew it had an important decision to make in choosing a replacement. Their first important decision, though, was choosing to work with FCC Services to manage that selection process.

Andy Lowrey, Chair of Cape Fear Board of Directors and former AgFirst CEO, had experience working with search firms, and in fact went through a fairly extensive process when he was a candidate for the AgFirst position. 

“Having gone through a formal selection process myself, and participating in a number of executive searches while on the Funding Corporation board, I supported using an outside firm for Cape Fear’s search as well,” says Andy. “We decided to go with FCC Services because they have a solid process, positive feedback from others in the System, and because Jay Lux is extremely knowledgeable and a great fit for our board.”

Jay is Vice President of Organizational Effectiveness Consulting at FCC Services, and has worked with many Farm Credit organizations for CEO selection, as well as other executive level searches.

The first step in the FCC Services’ process is a board survey to identify the specific traits they’re looking for in their next CEO. “At first we were a little concerned that there was a lot of data collection, and that we should rely more on our intuition,” says Andy of this step of the process. “It was a little overwhelming at first, but as it came together, we recognized the value of the objectivity the process brings.”

Bill Melton, the outgoing interim CEO, wasn’t part of the formal selection process but did attend the early board sessions. “I was particularly pleased with the thoroughness of the process and recognized that the diagnostic tools would be helpful in determining the optimal candidates,” Bill says. “The deliberate steps that the board followed in determining the characteristics of the candidate they wanted, and engaging the entire board in that determination, means that the full board was represented in the selection.”  

Cape Fear’s board identified the 10 top qualities they were seeking, and had Jay administer several assessment tools to the semi-finalist candidates, all of whom had Farm Credit experience, a specific request of the board. Comparing the results of these assessments against their list of desired qualities helped Cape Fear identify their final candidates. 

“Jay did a great job communicating with us throughout the process and communicating with and maintaining confidentiality among our internal and external candidates,” says Andy. “He even reached out to the internal candidates who were not selected to make sure they felt comfortable with how the process was handled and assured them they had a bright future with Farm Credit.”

After two rounds of interviews, both facilitated by Jay, the board had a clear candidate. 

“At the end of the process, the board felt that we’d done the right due diligence, that Jay had offered us a strong field of candidates, and that we used the right people to make the selection,” says Andy. “We’re absolutely happy with our selection, and all indicators show we made an excellent choice.” 

One area of consideration for many boards is the level of experience individual directors may have in selecting senior executives.  This can be common in organizations with long-standing leadership teams and good tenure.  Assuring a structured process can be a very effective tool to assure all directors contribute to a selection process they are comfortable with and meets their needs.   

“For people who aren’t used to conducting executive searches, the organization and comprehensiveness of FCC Services’ process will be very helpful,” says Andy. “It helps individual board members focus on what’s most important in the search and gives an objective platform for making a decision.”

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