Farm equipment maker Deere & Co. recently announced that its current president and CEO Samuel Allen will take over as chairman of its board of directors.
Allen will take over the position after the company's annual stockholder meeting on February 24, 2010. He is taking the place of Robert Lane, whose term expires next year. Allen will continue to serve as the company's president and CEO.
In all, Allen has been with Deere & Co. for 34 years serving in a variety of leadership positions. He has been a senior officer with the company since 2001, and in the past has served as president of its Worldwide Construction & Forestry Division. He has also been the head of John Deere Power Systems, John Deere Credit's global operations and the company's global human resources and labor relations.
Along with the announcement about Allen's promotion, the company reported that full-year earnings came in at $873 million despite the fact it experienced a fourth-quarter loss of $223 million. Last year the company posted a net income of more than $2 billion.