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DEERE & CO 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

    FORM 8-K    

 

CURRENT REPORT

Pursuant to Section13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report: February 26, 2020

(Date of earliest event reported)

 

DEERE & COMPANY

(Exact name of registrant as specified in its charter)

 

Delaware   1-4121   36-2382580
(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)

 

One John Deere Place

Moline, Illinois 61265

(Address of principal executive offices and zip code)

 

(309) 765-8000

(Registrant’s telephone number, including area code)

___________________________________________________

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

 

Title of each class   Trading symbol   Name of each exchange on which registered
Common stock, $1 par value   DE   New York Stock Exchange
8½% Debentures Due 2022   DE22   New York Stock Exchange
6.55% Debentures Due 2028   DE28   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

(b)        Resignation of Chairman

 

Samuel R. Allen, Chairman of the Board of Directors of Deere & Company (“Company”), indicated his intent to resign as Chairman and as a Director, effective close of business April 30, 2020.

 

Item 8.01 Other Events.

 

The Board of Directors of the Company elected John C. May to succeed Mr. Allen as Chairman, effective May 1, 2020.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)        Exhibits

 

Number     Description of Exhibit
       
99.1     Deere & Company News Release dated March 2, 2020.
       
104     Cover Page Interactive Data File (the cover page XBRL tags are imbedded in the Inline XBRL document)

 

 

 

 

 

 

 

 

 

Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.

 

  DEERE & COMPANY
   
  By:     /s/ Todd E. Davies
    Todd E. Davies
    Secretary
Dated: March 2, 2020    

 

 

 

 

 

 

Exhibit 99.1

 

 

NEWS RELEASE

 

Contact:

Jen Hartmann

Director, Strategic Public Relations

309-765-5678

 

Allen elects to retire as Deere Board chairman May 1st 

MOLINE, Illinois (March 3, 2020) – After a 45-year career of distinction and achievement, Samuel R. Allen has elected to retire May 1 from his current position as chairman of the Deere & Company Board of Directors.  

The Deere board has elected John C. May, the company’s chief executive officer, to become chairman upon Allen’s retirement. The actions are another step in the company’s systematic process of leadership transition. 

Allen has been chairman of the board of directors since 2010 and served as the company's chief executive officer from 2009 to 2019. May was named CEO in November 2019. 

“As a result of Sam’s leadership and vision, John Deere has developed a more dynamic business model and is uniquely positioned to capitalize on the demographic and technological trends that are defining the future of our businesses,” said May. 

Allen led the company to record growth and success. Over his decade of leadership, the company expanded its customer base, increased its global footprint, and made major gains in innovation and precision technologies. 

“This was also a time of unmatched financial success which included nine of the ten highest-earning years in company history,” May said. 

“One of the most significant developments of the period was the emergence of precision technologies as a major factor in our industries. Sam established the Intelligent Solutions Group in 2012 to develop these technologies and help bring them to market,” May added. “Today products equipped with these advanced capabilities are making our customers far more productive while helping reshape Deere as a smart industrial company.” 

Allen is also credited with his emphasis on responsible corporate citizenship. During his tenure as chief executive, the company’s investment in philanthropic activities more than doubled, to some $38 million annually. During this time, Deere also launched the global employee-volunteerism program, which has recorded nearly one-million hours of volunteer service since its start in 2010.

 

 

 

 

Allen joined Deere as an industrial engineer in 1975 after graduating from Purdue University. In 2001, Allen joined the company’s senior management team as senior vice president for human resources and industrial relations. Two years later, he was named president of financial services, power systems, and human resources. 

Then in 2005, Allen became president of Deere’s construction and forestry and power systems businesses. He was elected president and chief operating officer and a member of the board of directors in June 2009 and became Deere’s ninth chief executive officer in August of that year. 

May joined the board in August of 2019 and became Deere’s tenth chief executive officer in November. 

“As chairman, John will lead the board with the collaborative style and strategic, operating, and technical skills so capably demonstrated over his 23-year career with Deere,” said Allen. 

May joined Deere in 1997 and became part of the senior management team in 2012 as president of agricultural solutions and chief information officer. In 2018, he was named president of the Worldwide Agriculture & Turf Division, with responsibility for the Americas and Australia; the global harvesting, turf and utility, and crop care platforms; and intelligent-solutions group. 

A native of Maine, May holds a bachelor’s degree in health information management from the University of New Hampshire and a master’s degree in business administration from the University of Maine.

Deere & Company (www.JohnDeere.com) is a world leader in providing advanced products and services for customers whose work is linked to the land - those who cultivate, harvest, transform, enrich and build upon the land to meet the world's increasing need for food, fuel, shelter and infrastructure.