In Spite of Challenges, 2020 a Record Year for AFC By Mary Catherine Gaston
To open his report to the 84th annual membership meeting of Alabama Farmers Cooperative, AFC President and CEO Rivers Myres shared something that was in short supply most places around the world throughout 2020: good news. Myres was pleased to announce that despite the myriad challenges 2020 brought, AFC managed to record the cooperative’s highest net profits ever. “2020 will go down in history as a year that proved what AFC is made of,” Myres said. “Together we navigated through four storms in the Gulf [of Mexico] and a global pandemic—and came through even stronger than ever before.” Myres observed that the success AFC achieved in the midst of historically difficult circumstances further reinforced his confidence in the cooperative’s leadership and their ability to work strategically but compassionately through especially trying times. “I have never been prouder of AFC’s leadership. I am proud of who we are and what we do to serve our customers, teammates and communities with excellence and integrity,” Myres said. Before sharing highlights from the past year for each of AFC’s divisions, Myres first pointed out that 82 percent of AFC’s Member Cooperatives recorded profits in 2020, while 27 cooperative managers earned the President’s Award. The Bonnie Plants team distinguished itself in 2020 with their commitment to health and safety on 36
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a national level. Mike Sutterer, Bonnie’s president and CEO, led the efforts to ensure that COVID-19 outbreaks were carefully managed through the creation of an Emergency Sanitation Response Team composed of Bonnie associates nationwide. Myres recognized Agri-AFC CEO Mike Malone’s retirement and expressed gratitude for his outstanding leadership. During Malone’s 14-year tenure at Agri-AFC’s helm, the joint venture’s annual net income grew from $1.3 million to $15.9 million. Malone’s retirement came at the end of another record-setting year for Agri-AFC. Still other divisions celebrated remarkable accomplishments notwithstanding 2020’s challenges. Frank Currie Gin ginned more than 50,000 bales, while a new joint venture between Purina and AFC Feed allowed for market expansion, new product offerings and improved customer service. In West Alabama, SouthFresh leased its processing facility to Consolidated Catfish Producers and its Feed division recorded a profit. Continuing the good news, Myres announced that AFC’s 2020 successes allowed for the retirement of $2.2 million in equity and patronage of nearly $8.6 million. As for next steps, Myres cast a bold, specific vision for AFC in 2021. “As we step into 2021 one thing is for certain: We will continue to focus on our strategic plan for success—our people, our partnerships and our profitability,” Myres said. “AFC’s people are the key to
