AGCO announced today the election of Daniel C. Ustian, Navistar International Corporation's Chairman, President and CEO, to its Board of Directors effective immediately.
"Dan's extensive leadership experience in the capital goods industry brings a fresh, external perspective to the Board," says Martin Richenhagen, Chairman, President and CEO of AGCO Corporation. "The addition of his global, machinery manufacturing experience to the collective knowledge of our Board better positions AGCO for the opportunities facing our industry."
The career of Mr. Ustian has spanned more than 38 years with Navistar. Before being named CEO, he served as president and chief operating officer starting in 2002, overseeing the company's truck and engine businesses. He served as president of Navistar's engine group from 1999 to 2002 and group vice president and general manager of engine and foundry from 1990 to 1999.
Mr. Ustian will replace Curtis Moll who will be retiring from the AGCO Board of Directors at the upcoming annual meeting of shareholders. In addition, Herman Cain retired from the Board of Directors effective March 17, 2011. A replacement for Mr. Cain will be named at a later date.
"Curt and Herman have both played a major role in the growth and success of AGCO during their years of service on the Board. I want to thank them for their valuable contributions to AGCO," Mr. Richenhagen says.