Deere Names New CFO
In Management Shake-Up
By Kristin Jones, MarketWatch
July 1, 2012 — Deere & Co. has named a new finance chief as the farm-machinery maker shakes up its management roster ahead of planned retirements.
Rajesh Kalathur was named chief financial officer and senior vice president, replacing James M. Field, who currently has that role. Field will remain with the company as a president of the agriculture and turf division, overseeing the Americas, Australia and the global harvesting and turf platforms.
Deere also named a new chief information officer, John C. May.
"As we continue to pursue our global aspirations, I am confident these leadership changes will ensure continued management effectiveness and improved organizational alignment as we work towards our 2018 growth targets," said Chief Executive Samuel R. Allen.
The company made several other management changes in roles overseeing the agricultural and turf business, as well as human resources, communications and labor relations. The transitions come ahead of the planned retirements of David C. Everett, an executive in the agricultural and turf division, and James R. Jenkins, Deere's general counsel.
Deere, the world's largest manufacturer of farm tractors and combines, reported last month that its second-quarter earnings rose 17% on continued strength in the global farm economy. It has lately sped up its production expansion as it struggles to satisfy a rise in demand, brushing aside concerns that the market has peaked.