Deere & Co. names new chief executive
PITTSBURGH — Deere & Co., the world's largest farm equipment maker, on Monday named Samuel R. Allen to succeed Robert W. Lane as the company's chief executive.
Allen, 55, becomes only the ninth chief executive to lead the 172-year-old company known for its green-and-yellow tractors and harvesting machines. He moves into the job Aug. 1, when Lane, 59, steps down after nine years at the helm.
The Moline, Ill.-based company has seen its fortunes fall in recent months as the global economic crisis undermines demand for its products. In May, the company reported a 38 percent drop in second-quarter profit as farmers and other customers cut spending on tractors, mowers and construction equipment. It also slashed its profit forecast for the second time this year.
Allen, a 34-year veteran of Deere, has been president of the company's construction and forestry division since 2005. He also has been responsible for the global operations of its power systems group and has managed human resources, industrial relations and Deere's global credit operations, the company said.
