When Sam Allen retired as chairman and CEO of Deere & Co. earlier this year, John May was named his successor. Last month May revealed the company’s new operating model, which is dubbed its “Smart Industrial” strategy.
In 2011, Samuel Allen, then CEO and chairman of Deere & Co., set the nearly doubling of the company's sales by 2018 as his Big Hairy Audacious Goal (BHAG). Allen retired earlier this year and while Deere fell short of his $50 billion vision, it has made solid progress in increasing overall company sales.
Moline-based Deere & Co. announced Friday that its Board of Directors has elected John C. May, 49, president and chief operating officer, effective April 1.
Addressing the question, “When do you see a rebound in store for the agricultural sector?” Samuel Allen, Deere & Co. chairman and CEO, said in the company’s 2015 Annual Report, “Nobody knows the answer, but we do know the current downturn is about too much supply, not too little demand.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.