Summary
Deere & Company (DE) announced a significant leadership transition in its December 3, 2009, 8-K filing. Samuel R. Allen has been elected to succeed Robert W. Lane as Chairman of the Board, with this change to take effect immediately following the annual stockholders' meeting on February 24, 2010. Concurrently, Mr. Lane's term as a director will conclude. This leadership shift comes at a time when the company is navigating the economic landscape of 2009. In addition to the Chairman succession, the Board of Directors has also resolved to reduce its size to 11 members, effective at the same time Mr. Allen assumes the Chairman role. This filing primarily serves to inform stakeholders of these key governance changes and does not include detailed financial statements, but rather references an accompanying news release for further details.
Key Highlights
- 1Samuel R. Allen elected as the new Chairman of the Board.
- 2Robert W. Lane to step down as Chairman following the annual meeting on February 24, 2010.
- 3Robert W. Lane's term as a director will expire concurrent with the leadership transition.
- 4The size of the Board of Directors will be reduced to 11 members.
- 5The leadership and board size changes are effective February 24, 2010.
- 6The filing is an 8-K report dated December 2, 2009, with a news release dated December 3, 2009.