Martin Richenhagen to Retire as Chairman and Chief Executive Officer
Eric Hansotia appointed Chairman and CEO effective January 1, 2021
DULUTH, Ga.-Friday 21 August 2020 [ AETOS Wire ]
(BUSINESS WIRE)--
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:
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Please visit our website at www.agcocorp.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20200820005565/en/Contacts
Greg Peterson
Vice President, Investor Relations
(770) 232-8229
greg.peterson@agcocorp.com
www.agcocorp.com
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