Deere & Co.’s (DE) board named Samuel R. Allen, president of the company’s construction and forestry equipment business, to succeed Robert W. Lane as chief executive starting in August.
As part of the transition, Allen, 55, was appointed chief operating officer and president beginning Monday. He also was appointed to the company’s board.
Lane will continue to serve as chairman until Allen’s expected appointment to that job. A timetable for that move hasn’t been set.
Moline, Ill.-based Deere is the world’s largest producer of farm machinery by revenue. The moves come at a turbulent time for Deere as lower farm commodity prices and tighter credit have put the brakes on a five-year long boom in farm machinery sales.
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