Landus Co-op CEO Carstens Resigns
Farmers Co-op Landus CEO Carstens Resigns; Company Lauds Financial Position
LINCOLN, Neb. (DTN) -- Landus announced its CEO and president Matt Carstens resigned on Friday, just a few months after the farmers' cooperative based in Des Moines, Iowa, announced layoffs of nearly 10% of its 600-employee workforce.
Landus made the announcement in a brief news release at the end of last week.
"The board of directors extends its gratitude to Carstens for his leadership and commitment to innovation during his five-year tenure," the company said in a statement.
"Landus Board Chairman Matt Chambers will take on the role of acting CEO, effective today, with an interim CEO to be named within the next week."
Landus said it "remains steadfast in its commitment" to its farmer-owners, employees, partners and "the future" of agriculture.
The company has about 7,000 farmer members and provided no details as to the reason for the departure. Landus was founded in 2016 when Ames-based Farmers Cooperative Company merged with West Central Cooperative in Ralston, Iowa.
"Matt has been a dedicated and forward-thinking leader and we sincerely appreciate the many contributions he made during his tenure with Landus," Chambers said in a statement.
"The search for both an interim and permanent successor will prioritize identifying an individual with a deep understanding of the cooperative's mission and the needs of its farmer-owners."
Landus operates more than 50 grain facilities across Iowa and Minnesota.
"During this transition, Landus remains steadfast in its commitment to its farmer-owners, employees, business partners and the future of agriculture," the company said in the statement.
In an email obtained by DTN that was sent to farmer members of Landus on Friday, the company said the decision was not indicative of the financial health of the cooperative.
"Working closely with the Landus leadership team and Kathleen Lyons, chief financial officer, we want to assure you that Landus is financially sound," Landus said in the email.
"Our balance sheet remains strong with working capital of nearly $87 million and net worth of nearly $330 million. We anticipate the year will end with positive net earnings, similar to last year. We understand you may have questions about this transition and what it means for the future. This leadership change does not impact Landus' day-to-day operations, priorities and commitments."
The company went on to say, "We recognize there have been distracting conversations regarding Landus' future and we remain deeply committed to supporting our farmer-owners. Your well-being and success are at the heart of everything we do."
In the email the company touts Carstens' accomplishments at the cooperative.
"During his time at Landus, Matt championed several key initiatives that reflect his forward-thinking leadership, including the launch of the Landwerx Innovation Hub, the introduction of tailored health coverage for our farming communities and an 8% expansion in retail operations," the email said.
"These accomplishments have played a key role in shaping a stronger, more innovative cooperative and we remain committed to building on this momentum in the years ahead."
Read more on DTN:
"Ag Company Gives Farmers Health Options," https://www.dtnpf.com/…
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