MOLINE, Ill. — Deere & Co. named Samuel R. Allen to succeed Robert W. Lane as chief executive of the farm equipment maker starting Aug. 1.
Allen, 55, was also elected president, chief operating officer and chairman of the board.
Deere, the world's largest maker of agricultural equipment, has seen its fortunes fall in recent months as the global economic crisis undermines demand for its products. Last month, it reported a 38 percent drop in second-quarter profit as farmers and other customers cut spending. It also slashed its profit forecast.
Allen has been president of Deere's construction and forestry division since 2005 and has been responsible for the global operations of its power systems group since 2003.