Landus, Iowa’s largest farmer-owned cooperative, held its annual meeting Dec. 14. It was conducted virtually due to social distance requirements related to the pandemic. Included in the program were the election results for four board director positions, an update regarding the company’s strong financial health, and an outlook for future growth.
Board of director elections – As announced during the annual meeting, elected as board directors for three-year terms are Matt Chambers of Audubon, Jeff Frank of Auburn, Dan Reynolds of Rockwell City, re-elected, and Nate Stewart of Cedar Falls, re-elected.
In a board meeting following the annual meeting, officers of the Landus board were elected: Nate Stewart of Cedar Falls, chair; Ryan Bristle of Polk City, vice chair; Matt Showalter of Hampton – re-elected secretary/treasurer. In addition, the term of Bryce Caple of Maxwell as a non-voting, associate member was extended for 2021.
Fiscal year 2020 financial highlights – Mark Miner, chief financial officer, provided a detailed report of the 2020 fiscal year financials including these highlights:
• Total profit of $8.6 million compared to a $4 million deficit in 2019
• Total revenue surpassed $166 million
• Total $1.4 million of patronage paid in cash
• Corn receipts up nearly 20 percent year-over-year
• Fertilizer volumes up 15 percent year-over-year
• Record soy crush of 23.1 million bushels achieved at our Ralston facility
Outlook on future – Matt Carstens, president and CEO, provided a vision for the future of Landus based on the Landus Growth and Performance Strategy.
More than 260 participants joined the virtual annual meeting online. Visit landus cooperative.com to watch a replay of the event.
