Summary
Deere & Company (DE) filed an 8-K on March 1, 2019, primarily announcing significant executive leadership changes effective April 1, 2019. John C. May was appointed President and Chief Operating Officer, with a substantial increase in his base salary and short-term incentive target. Ryan D. Campbell was appointed Senior Vice President & Chief Financial Officer, also with adjustments to his compensation. These appointments signal a planned transition in senior management. Additionally, the filing reports the results of the company's annual shareholder meeting held on February 27, 2019, where directors were elected, executive compensation was approved on an advisory basis, and Deloitte & Touche LLP was ratified as the independent auditor for fiscal year 2019. The shareholder proposal regarding written consent was not acted upon.
Key Highlights
- 1John C. May appointed President and Chief Operating Officer, effective April 1, 2019.
- 2Ryan D. Campbell appointed Senior Vice President & Chief Financial Officer, effective April 1, 2019.
- 3Rajesh Kalathur transitions to President, John Deere Financial & Chief Information Officer.
- 4John C. May's base salary increased from $744,060 to $1,000,764 annually, and his short-term incentive target increased to $1,100,841.
- 5Ryan D. Campbell appointed with an annualized base salary of $567,768 and a short-term incentive target of $567,768.
- 6All incumbent directors were re-elected at the annual shareholder meeting.
- 7Shareholders approved, on an advisory basis, the compensation of the company's named executive officers.