8-K/ALeadership ChangesOther EventsExhibits & Filings

DEERE & CO 8-K/A Report, Executive Changes (Jun 29, 2009)

Filed June 29, 2009For Securities:DE

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.

Frequently Asked Questions

This filing primarily announces executive officer appointments, with a significant focus on the upcoming transition of Mr. Allen to Chief Executive Officer. It also provides background on Mr. Mack's prior experience as Vice President and Treasurer before becoming Senior Vice President and Chief Financial Officer.

Mr. Allen's base salary will increase in two stages: from $628,296 to $800,000 on June 1, 2009, and then to $1,200,000 on August 1, 2009, when he becomes CEO. His target annual bonus for fiscal 2009 will also increase significantly to $819,864, reflecting his higher base salary.

While his target annual bonus for fiscal 2009 increases due to the higher base salary, his target award under the mid-term bonus plan for the performance period ending in fiscal 2009 remains unchanged at $453,151. Actual bonus payouts will depend on company performance and other factors.

This filing is an amendment (8-K/A) to provide additional disclosures regarding executive officer appointments and compensation changes that were initially reported. It serves to add detail and clarity on these important matters.