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AGCO Appoints David Sagehorn to Its Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
AGCO, a leader in agricultural machinery, appointed David Sagehorn to its Board of Directors effective March 15, 2022. Sagehorn brings significant financial expertise from his previous role as CFO at Oshkosh Corporation, enhancing AGCO's capability in evolving smart solutions for farmers. Additionally, George Benson will retire from the board on April 28, 2022, after a long tenure since 2004, contributing invaluable leadership. AGCO reported net sales of $11.1 billion in 2021, underscoring its strong market position.
Positive
David Sagehorn's extensive financial background expected to strengthen board decision-making.
Sagehorn's experience in technology-rich vehicle production aligns with AGCO's smart solutions focus.
Board membership change signals AGCO's proactive approach in leadership enhancement.
Negative
George Benson's retirement may present a gap in long-term strategic experience on the board.
DULUTH, Ga.--(BUSINESS WIRE)--
AGCO, Your Agriculture Company, (NYSE:AGCO), a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology, announced today the election of David Sagehorn to its Board of Directors effective March 15, 2022. “We are pleased to have Dave join our Board,” said Eric Hansotia, Chairman, President and CEO of AGCO Corporation. “His wealth of knowledge, financial expertise and his extensive experience in a company that produces technology-rich vehicles will be invaluable as we continue to evolve AGCO’s smart solutions for our farmer customers. He will provide an important perspective and contribution to our Board.”
George Benson is retiring from the Board of Directors effective April 28, 2022. “George joined the AGCO Board in 2004 and has made an extraordinary contribution to AGCO and its Board. We are extremely grateful for his guidance and leadership over the years,” Mr. Hansotia added.
Mr. Sagehorn, who is 58, retired in 2020 from Oshkosh Corporation, a $7.7 billion industrial company that designs and builds specialty trucks, military vehicles, truck bodies, airport fire apparatus, and access equipment. During Mr. Sagehorn’s 20-year career at Oshkosh he served in a number of senior financial roles, including Executive Vice President and Chief Financial Officer for the last 13 years. Mr. Sagehorn earned a Bachelor of Science in Accounting from the University of Wisconsin-Platteville and an MBA with a concentration in Finance, from Marquette University.
About AGCO:
AGCO (NYSE:AGCO) is a global leader in the design, manufacture and distribution of agricultural machinery and precision ag technology. AGCO delivers customer value through its differentiated brand portfolio including core brands like Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®. Powered by Fuse® smart farming solutions, AGCO’s full line of equipment and services help farmers sustainably feed our world. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of $11.1 billion in 2021. For more information, visit www.AGCOcorp.com. For company news, information and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.
What is the significance of David Sagehorn's election to the AGCO Board?
David Sagehorn's election brings valuable financial expertise and insights into technology-rich vehicles, which is crucial for AGCO's growth in smart agricultural solutions.
When will George Benson retire from AGCO's Board?
George Benson will retire from the AGCO Board of Directors effective April 28, 2022.
What was AGCO's net sales figure in 2021?
AGCO reported net sales of $11.1 billion in 2021.
How does AGCO benefit from its new board member?
With the addition of David Sagehorn, AGCO can leverage his extensive financial and industry experience to guide the company's strategic direction effectively.
