Deere & Company Board chairman retires

Samuel R. Allen has elected to retire May 1, 2020, 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.

"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 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.

"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."

As a reminder, Deere & Company reported net income of USD 517 mln for the first quarter ended Feb. 2, 2020, or USD 1.63 per share, compared with net income of USD 498 mln, or USD 1.54 per share, for the quarter ended Jan. 27, 2019.