Summary
Deere & Company (DE) filed an 8-K on June 1, 2012, reporting significant executive changes effective September 1, 2012. Two key named executive officers, David C. Everitt (President, Agriculture and Turf Division – North America, Asia, etc.) and James R. Jenkins (Senior Vice President and General Counsel), announced their retirement. These retirements trigger a succession plan, including the appointment of Rajesh Kalathur as the new Senior Vice President and Chief Financial Officer. Mr. Kalathur's appointment represents a significant elevation in his role, bringing extensive experience from various finance and management positions within Deere, including his recent role as deputy financial officer. His compensation package is detailed, including a base salary and potential incentive bonuses tied to company performance metrics like operating return on operating assets and shareholder value added. The filing also notes that James M. Field will transition to lead the Agriculture and Turf Division – Americas, Australia and Global Harvesting and Turf Platforms.
Key Highlights
- 1Retirement of two key named executive officers: David C. Everitt and James R. Jenkins.
- 2Rajesh Kalathur appointed as Senior Vice President and Chief Financial Officer, effective September 1, 2012.
- 3Kalathur's compensation includes a base salary of $433,066 with potential bonuses ranging from $1.8 million to $3.5 million.
- 4Bonus payouts for Kalathur are linked to company performance metrics like operating return on operating assets and shareholder value added.
- 5James M. Field appointed President, Agriculture and Turf Division – Americas, Australia and Global Harvesting and Turf Platforms.
- 6The executive changes are part of a planned succession and demonstrate internal talent development.
- 7No family relationships or related party transactions involving Mr. Kalathur were disclosed.