Deere & Co.'s board named Samuel R. Allen, president of the company's construction and forestry equipment business, to succeed Robert W. Lane as chief executive starting in August.
As part of the transition, Allen, 55, was appointed chief operating officer and president beginning Monday. He also was appointed to the company's board.
Lane will continue to serve as chairman until Allen's expected appointment to that job. A timetable for that move hasn't been set. Allen will be the ninth chief executive in the company's 172-year history. He has been president of the construction business since 2005.
Allen started as an engineer with Deere in 1975 and moved through a variety of management posts. Before heading the construction and forestry business, he was responsible for global operations of Deere's power systems group and held senior executive positions with the company's customer finance arm, John Deere Credit, human resources and industrial relations.
Lane, 59, who joined the company in 1982, has been CEO and chairman since August 2000.
Michael Mack, Deere's chief financial officer, will replace Allen as head of the construction and forestry business. Succeeding Mack as financial officer will be James Field, who has been president of the company's commercial and consumer business.