Summary
Deere & Company (DE) announced a key leadership change via an 8-K filing on September 1, 2022, appointing Joshua A. Jepsen as the new Senior Vice President and Chief Financial Officer (CFO), effective September 16, 2022. This transition sees Mr. Jepsen, a long-tenured employee with extensive experience within the company's finance and operations, stepping into the CFO role. His prior experience includes serving as Deputy Financial Officer and Director of Investor Relations, providing him with a deep understanding of the company's financial performance and investor perspective. This appointment signifies continuity and internal development within Deere's senior leadership. Mr. Jepsen's compensation package includes a base salary of $850,000 and incentive plans tied to key performance metrics such as Operating Return on Assets (OROA) and Total Shareholder Return (TSR). The outgoing CFO, Rajesh Kalathur, will transition to President of John Deere Financial and resume the Chief Information Officer role, ensuring a smooth handover and continued strategic focus in these critical areas.
Key Highlights
- 1Joshua A. Jepsen appointed as new Senior Vice President and Chief Financial Officer (CFO), effective September 16, 2022.
- 2Rajesh Kalathur transitions from CFO to President of John Deere Financial and Chief Information Officer.
- 3Mr. Jepsen has a long history with Deere, starting as an intern in 1999 and holding various senior finance roles.
- 4Jepsen's annual salary will be $850,000, with incentive plans linked to company performance metrics like OROA, OROS, ROE, SVA, and TSR.
- 5Target STI award for Jepsen is 100% of base salary; target LTIC award is 105% of base salary.
- 6The company highlighted no direct family relationships between Jepsen and executive officers, though a brother-in-law is employed at the company and his compensation is consistent with his role.