Directors of the National Rural Utilities Cooperative Finance Corp. have promoted Chief Financial Officer J. Andrew Don to be CFC’s new CEO.

Don will begin serving in the top job on May 3, replacing longtime CEO Sheldon Petersen, who announced last July that he planned to retire this year.

CFC’s board of directors made the announcement March 11 after conducting a nationwide search for Petersen’s successor.

“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,” said CFC Board President Alan Wattles.

Don said it was “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.”

Petersen said Don is the right choice to lead CFC into the future “based on his long-tenured experience, understanding of our member-owners and expertise in the capital markets.”

“Under his tenure as finance chief, CFC has been the leading private market provider of credit and liquidity to the electric cooperative network,” Petersen said.

Don joined CFC in 1999, after serving as vice president and manager of the Washington, D.C., loan protection office of the Bank of Tokyo-Mitsubishi. He served as CFC’s treasurer, vice president of capital market relations and director of loan syndications before becoming CFO and senior vice president in 2013. As CFO, he has overseen CFC’s treasury and finance group and managed its generation and transmission portfolio.

Don serves on the board of directors for the ThanksUSA charity, which provides college and vocational school scholarships and career development opportunities for spouses and children of U.S. military members.