- Push-out Score determined
- After almost 17 years in the position
- Accolades, praise, thanks and good wishes for Richenhagen
- Eric Hansotia taking over
- Richenhagen spoke at length and said 159 words
(exechange) — Duluth, Georgia, August 20, 2020 — Martin Richenhagen, chief executive of Agco, leaves. As announced by Agco Corp. in a news release on Thursday, August 20, 2020, Martin H. Richenhagen leaves his post as chief executive officer at the agricultural machinery manufacturer after almost 17 years in the role, effective December 31, 2020.
It is the end of an era.
Martin Richenhagen’s duties as CEO will be taken over by Eric P. Hansotia, currently Chief Operating Officer of Agco Corp.
“Eric is the right person”
Martin Richenhagen’s departure from the CEO post is explained as follows. Richenhagen said: “The Board and I are confident that Eric is the right person to build on Agco’s solid foundation.”
Precise information regarding Martin Richenhagen’s future plans was not immediately available.
Agco said: “Martin Richenhagen has chosen to retire as Chairman, President and Chief Executive Officer on December 31, 2020.”
Share price increase since August 2015
The announcement follows an increase in Agco Corp.’s share price of 32% since August 2015.
In the position of CEO since 2004
Martin Richenhagen became CEO of the Company in 2004.
Martin H. Richenhagen has been Chairman of the Board of Directors since August 2006 and has served as President and Chief Executive Officer of the Company since July 2004.
His bio reads as follows:
- Member of the Board of Directors, Chairman of Audit and member of the Officers & Directors Compensation Committee for PPG Industries, Inc.
- Member of the Board of Directors, Compensation and Governance & Nominating Committees for Linde PLC. Richenhagen also served as a director of Praxair, Inc. from 2015 until the business combination of Praxair, Inc. and Linde AG.
- Member of the Board of Directors for American Institute for Contemporary German Studies
- Member of the Board of Directors for Metro Atlanta Chamber of Commerce
- Former Member of President’s Advisory Council on Doing Business in Africa for the United States Department of Commerce
- Former Chairman of the German American Chambers of Commerce of the United States
- Former Chairman of the Board and Lifetime Honorary Director of the Association of Equipment Manufacturers (AEM)
- Former Executive Vice President of Forbo International SA, a flooring material business based in Switzerland, from 2003 to 2004
- Former Group President of Claas KGaA mbH, a global farm equipment manufacturer and distributor, from 1998 to 2002
- Former Senior Executive Vice President for Schindler Deutschland Holdings GmbH, a worldwide manufacturer and distributor of elevators and escalators, from 1995 to 1998.
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 Agco and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 34.2020 ($).