AGCO announces Martin Richenhagen Chairman and CEO succession

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AGCO Chairman and Chief Executive Officer Martin Richenhagen has announced his retirement

It has come as a great surprise to many that AGCO Chairman and Chief Executive Officer Martin Richenhagen is human after all and has announced his retirement effective from 31 December 2020.

The contribution made by Martin Richenhagen to AGCO was always considered super-human.

He was the driving force that pieced together a mishmash of crumbled agricultural brands under the AGCO banner to see the company evolve as a leading global manufacturer of high-tech, and sustainable agricultural products.

And it was a process that never seemed to have an end, under his leadership AGCO continued to expand its product portfolio, by entering successful models into new markets.

While at the same time consolidating product platforms and modernising manufacturing facilities.

An outstanding factor from the Martin Richenhagen era at AGCO was the strong financial returns under his direction. AGCO improved to an investment grade credit rating while initiating many dividends and substantial share re-purchase programs.

With retirement imminent, the company 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.

This appointment is effective from 1 January 2021. In addition, Mr Hansotia has been elected to the Board of Directors, effective immediately.

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.

“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.”

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.”

“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. Richenhagen concluded.

Eric 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 realise AGCO’s bright future.” Mr Hansotia concluded