Richenhagen Retiring From AGCO

Eric Hansotia appointed chairman and CEO, effective Jan. 1, 2021

AGCO, the Duluth, Ga., headquartered manufacturer and distributor of agricultural equipment and solutions announced that Martin Richenhagen has chosen to retire as chairman, president and chief executive officer on Dec. 31. The company said its board of directors has appointed Eric Hansotia, currently AGCO’s senior vice president and chief operating officer, to succeed Richenhagen as chairman, president and CEO on Jan. 1, 2021. In addition, Hansotia has been elected to the company’s board, effective immediately.

Richenhagen joined AGCO in 2004 as president and CEO and was named chairman in 2006.

“It’s been my greatest privilege to serve alongside my AGCO colleagues for the past 16 years,” Richenhagen said. “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.”

Speaking on behalf of AGCO’s board, 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.

“Under his leadership, AGCO evolved into an integrated global manufacturer of high-tech, sustainable, agricultural solutions to serve our farmers around the world. AGCO expanded its product portfolio, entered into new markets, consolidated product platforms and modernized facilities. Driven by strong financial performance under his direction, AGCO improved to an investment grade credit rating while initiating a dividend and a substantial share re-purchase program. 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.”

Hansotia joined AGCO as senior vice president, Global Crop Cycle and Fuse Connected Services in 2013 and has served in his current role since 2019. Prior to joining AGCO, Hansotia spent 20 years at Deere & Co., where he held leadership positions including senior vice president, Global Harvesting and vice president of Global Crop Care.

“The board and I are confident that Eric is the right person to build on AGCO’s solid foundation,” Richenhagen said. “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.”

Hansotia said he was gratified by the support of Richenhagen and he board “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,” Hansotia added. “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 realize AGCO’s bright future.”