- Push-out Score determined
- After around 10 years in the position
- John May taking over
- Allen will remain as Chairman at Deere
- Allen kept it short and said 51 words
(exechange) — Moline, Illinois, August 29, 2019 — Sam Allen, chief executive of Deere, leaves his position. As announced by Deere & Co. in a news release and in a regulatory filing published on Thursday, August 29, 2019, Samuel R. (Sam) Allen leaves his post as chief executive officer at the tractor-making giant after around 10 years in the role, effective November 4, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange. On an accumulated basis, around 27% of the CEOs who announced their departure over the past 12 months left their posts after more than 10 years.
Sam Allen’s duties as CEO will be taken over by John C. May, currently President and Chief Operating Officer of The Deere & Company.
“Driving the company’s digitalization journey”
A reason for Sam Allen’s departure from the CEO post was not explicitly provided. Samuel R. Allen, chairman and chief executive officer, said: “[John C. May’s] experience in precision agriculture, information technology, and overseas operations will be instrumental in driving the company’s digitalization journey and extending its success in agricultural and construction equipment.”
Allen will remain as Chairman at Deere
“Samuel R. Allen, Chairman and Chief Executive Officer since February 2010, will remain on the Board of Directors and will serve as Chairman,” Deere said.
“Steps down”
Deere said: “Allen will continue as chairman of the board of directors after he steps down from the CEO position.”
Deere further said: “Mr. Allen will be stepping down as Chief Executive Officer, effective November 4, 2019.”
Share price increase since January 2016
The announcement follows an increase in The Deere & Company’s share price of 107% since January 2016.
In the position of CEO since 2009
Sam Allen became CEO of the Company in August 2009.
Samuel R. Allen is Chairman and Chief Executive Officer, Deere & Company, a position he’s held since February 2010.
Allen was named President and Chief Executive Officer in August 2009.
He was appointed President and Chief Operating Officer of the company and a member of the Deere & Company Board of Directors in June 2009.
Previously, Allen served as President, Worldwide Construction & Forestry Division and was responsible for the global operations of John Deere Power Systems.
Allen also has experience in Deere’s Worldwide Agricultural Division, leading operations in Latin America, China & East Asia, and Australia.
In the past, he was responsible for Deere’s intelligent mobile equipment technologies, Deere’s advanced technology and engineering, and has been a leader in the areas of human resources, industrial relations, and John Deere Credit’s global operation.
Allen has served as a senior officer of the company since 2001 and has been with John Deere since 1975.
In addition, Allen was appointed to Whirlpool Corporation’s board of directors in June 2010 and currently serves as Presiding Director.
Allen was also appointed to the board of directors for Dow in August 2019.
He is a 1975 graduate of Purdue University with a bachelor’s degree in industrial management. He is a native of Sumter, South Carolina.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Deere and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 35.2019 ($).