Management Turnover as Change Agent

Monday, June 1, 2009

Deere and Company Demonstrates Succession Planning

Deere & Company DE (NYSE) the heavy equipment manufacturer that has been impacted by the recession has announced a change at the top. Deere & Co. announced that president and chief operating officer and long time employee Samuel R. Allen Samuel R. Allenwould become the firm’s CEO on August 1. Allen who has been with Deere since 1975 will succeed current CEO, Robert W. Lane. Lane has been CEO since August 2000. Lane will remain chairman until some point in tRobert W. Lanehe future when Allen will take that position as well.

The change at the top comes as Deere has been facing serious difficulties. Deere has been cutting jobs and closing plants to deal with the recessionary forces buffeting the firm. While the change comes at a difficult time, it demonstrates a clear succession plan and an opportunity for the firm to continue working on ways to address its current difficulties and still find new opportunities internationally. Unlike many firms to day, Deere has demonstrated a clear succession approach.

Deere One Year Stock Performance, Source: Big Charts

Keep a close eye on the firm going forward as Allen takes over the executive reins.

For more:

Wall Street Journal



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