The board of directors of the Federal Agricultural Mortgage Corporation, known as Farmer Mac, announced it terminated the employment of Timothy Buzby, its president and CEO, and named Lowell Junkins, the board chairman, as acting president and CEO.

“The board terminated Mr. Buzby solely on the basis of violations of company policies unrelated to the company’s financial and business performance,” the board said in a news release.

“The board will launch an immediate and thorough search for a new president and chief executive officer and will consider both internal and external candidates,” the news release added.

“My job, as acting CEO, is to make sure nothing gets in the way of this organization’s stellar leadership team and staff and the excellent work they do every single day,” Junkins said. “As our third quarter results demonstrate, we have been performing extraordinarily well and look forward to that continuing without a hitch.”

Junkins, 73, is an Iowa businessman who operates both Hillcrest Farms in Montrose, Iowa, and an Iowa-based public affairs consulting firm.

He previously served as vice chairman of the Farmer Mac board and was named acting chairman of the board in September 2008. He became chairman on September 30, 2010.