AGCO Announces Chairman and CEO Succession
20 Agosto 2020 - 4:32PM
Business Wire
Martin Richenhagen to Retire as Chairman and
Chief Executive Officer
Eric Hansotia appointed Chairman and CEO
effective January 1, 2021
AGCO, a worldwide manufacturer and distributor of agricultural
equipment and solutions (NYSE:AGCO), today announced that Martin
Richenhagen has chosen to retire as Chairman, President and Chief
Executive Officer on December 31, 2020. The Company further
announced that its Board of Directors has appointed Eric Hansotia,
currently AGCO’s Senior Vice President and Chief Operating Officer,
to succeed Mr. Richenhagen as Chairman, President and Chief
Executive Officer effective January 1, 2021. In addition, Mr.
Hansotia has been elected to the Board of Directors, effective
immediately.
Martin Richenhagen joined AGCO in 2004 as President and CEO and
was named Chairman of the Board of Directors in 2006.
“It’s been my greatest privilege to serve alongside my AGCO
colleagues for the past 16 years,” stated Mr. Richenhagen. “Their
dedication, integrity, innovativeness and commitment to our
customers are what make AGCO such an extraordinary Company, and I’m
proud to have been part of its history. I have tremendous
confidence in Eric, the Board, our employees and our dealer
network, and believe that AGCO’s best days are yet to come.”
Speaking on behalf of AGCO’s Board of Directors, Gerald Shaheen,
AGCO’s independent Lead Director, stated, "Martin has served AGCO
with great distinction through the years, and we are enormously
thankful for his contributions to the Company. Under his
leadership, AGCO evolved into an integrated global manufacturer of
high-tech, sustainable, agricultural solutions to serve our farmers
around the world. AGCO expanded its product portfolio, entered into
new markets, consolidated product platforms and modernized
facilities. Driven by strong financial performance under his
direction, AGCO improved to an investment grade credit rating while
initiating a dividend and a substantial share re-purchase program.
Martin has been a model of corporate leadership and integrity in
the industry. We wish him well in his retirement and look forward
to new levels of success under Eric’s leadership.”
“The Board and I are confident that Eric is the right person to
build on AGCO’s solid foundation,” added Mr. Richenhagen. “Eric is
a seasoned leader with broad industry knowledge, making him
uniquely qualified to lead AGCO into the future. Eric has made
significant contributions to AGCO’s success over the past seven
years, most recently leading the Company through the unique
challenges presented by COVID-19. His strong strategic view on the
future trends in global agriculture along with his diverse
operational experience will enable AGCO to successfully meet the
changing needs of our customers.” Mr. Hansotia joined AGCO as
Senior Vice President, Global Crop Cycle and Fuse Connected
Services in 2013 and has served in the role of Senior Vice
President and Chief Operating Officer since 2019. Prior to joining
AGCO, Mr. Hansotia had a successful 20-year tenure with Deere &
Company where he held leadership positions including Senior Vice
President, Global Harvesting and Vice President of Global Crop
Care.
Mr. Hansotia shared, "I want to express my gratitude to both
Martin and the Board of Directors for their confidence in my
ability to lead AGCO into the future. Together with our talented
team, I look forward to helping our global farmers sustainably feed
the world through smart, innovative agricultural solutions. I
believe farmer-driven innovation is the key to unlocking value for
our employees, dealers and shareholders, and I look forward to
building on Martin’s legacy as we realize AGCO’s bright
future.”
About AGCO
AGCO (NYSE:AGCO) is a global leader in the design, manufacture
and distribution of agricultural solutions and delivers high-tech
solutions for farmers feeding the world through its full line of
equipment and related services. AGCO products are sold through five
core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and
Valtra®, supported by Fuse® smart farming solutions. Founded in
1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales
of $9.0 billion in 2019. For more information, visit
http://www.AGCOcorp.com. For company news, information and events,
please follow us on Twitter: @AGCOCorp. For financial news on
Twitter, please follow the hashtag #AGCOIR.
Please visit our website at www.agcocorp.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200820005565/en/
Greg Peterson Vice President, Investor Relations (770) 232-8229
greg.peterson@agcocorp.com www.agcocorp.com
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