Summary
This 8-K/A filing from Deere & Company (DE), filed on June 29, 2009, primarily serves as an amendment to disclose executive officer appointments and related compensation adjustments. The most significant update for investors concerns the compensation changes for Mr. Allen, who is set to become the Chief Executive Officer. His base salary will see a substantial increase, reflecting his expanded responsibilities and upcoming leadership role. Investors should note the phased increase in Mr. Allen's base salary, with a significant jump scheduled upon his assumption of the CEO role. The filing also details adjustments to his target annual bonus, directly linked to his new base salary. While mid-term bonus targets remain unchanged for the current performance period, the overall compensation structure reflects a strategic shift in leadership at the executive level, coinciding with a period of economic uncertainty.
Key Highlights
- 1Deere & Company announced executive officer appointments via a June 1, 2009 press release, detailed in this 8-K/A filing.
- 2Mr. Allen's annual base salary will increase from $628,296 to $800,000 effective June 1, 2009.
- 3Mr. Allen's base salary will further increase to $1,200,000 effective August 1, 2009, upon becoming Chief Executive Officer.
- 4Mr. Allen's target award under the annual bonus plan for fiscal 2009 will increase to $819,864 from $534,052 due to his new base salary.
- 5Mr. Allen's target award under the mid-term bonus plan for the performance period ending fiscal 2009 remains unchanged at $453,151.
- 6Prior business experience of Mr. Mack, previously Vice President and Treasurer, is noted in his role as Senior Vice President and Chief Financial Officer.
- 7The filing confirms the compensation adjustments were approved by the Compensation Committee of the Board.