In a statement, Mr. Engel said: “While I am moving on from CoBank, I am merely redirecting my passion for two of our country’s most underappreciated assets – rural America and higher education.”
Mr. Engel joined CoBank in 2000 as President and Chief Operating Officer, becoming President and Chief Executive Officer in 2006, and has continually held that the high quality of life in the U.S. has everything to do with the 15 percent of people that call rural America home. During his tenure CoBank has achieved a remarkable 16 consecutive years of growth in profitability while becoming one of the strongest advocates and supporters of agriculture, rural infrastructure and rural communities, as well as a leading socially responsible corporate citizen.
Mr. Engel added: “I am very proud of what we have accomplished as an organization, of our many successes beyond our financial success. It is a reflection of the power of the cooperative model and of a commitment by my colleagues to knowing more and caring more about our mission and customers. While there is still much left to do to transition leadership at CoBank and other organizations, I want to express my deepest gratitude to our customer-owners, our associates, our partners, our investors and other key stakeholders for their tremendous support of CoBank. I am also thankful to the people of rural America who have welcomed me into their businesses and homes with such warmth.”
The Board of Directors has been planning for the succession of Mr. Engel for the past couple of years and is expected to make an announcement on his successor in the near future.