8-KLeadership ChangesShareholder MattersExhibits & Filings

DEERE & CO 8-K Report, Executive Changes (Mar 1, 2019)

Filed March 1, 2019For Securities:DE

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.

Frequently Asked Questions

Deere & Company announced that John C. May will become President and Chief Operating Officer, and Ryan D. Campbell will become Senior Vice President & Chief Financial Officer, both effective April 1, 2019. Rajesh Kalathur will move to President, John Deere Financial & Chief Information Officer.

John C. May's annual base salary will increase to $1,000,764 from $744,060, and his target short-term incentive award will increase to $1,100,841. Ryan D. Campbell will have an annualized base salary of $567,768 and a target short-term incentive award of $567,768.

The annual shareholder meeting resulted in the election of all incumbent directors, advisory approval of executive compensation, and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2019. A shareholder proposal regarding the right to act by written consent was not voted on as it was not presented by the proponent.

The filing explicitly states that there are no family relationships or related party transactions between Mr. May or Mr. Campbell and the Company or its directors/executive officers.