Deere picks new CEO - KWWL - Eastern Iowa Breaking News, Weather, Closings

Deere picks new CEO

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MOLINE, Ill. (AP) -- Moline-based Deere & Co. has picked Samuel Allen to succeed Robert Lane as chief executive of the world's largest farm equipment maker.

Allen becomes only the ninth chief executive to lead the 172-year-old company known for its green-and-yellow tractors and harvesting machines. He moves into the job Aug. 1, when Lane steps down after nine years at the helm.

Deere has seen its fortunes fall in recent months as the global economic crisis undermines demand for its products. In May, the company reported a 38 percent drop in second-quarter profit as customers cut spending on tractors, mowers and construction equipment. It also slashed its profit forecast for the second time this year.

Allen is a 34-year veteran of Deere. He's been president of the company's construction and forestry division since 2005.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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