On November 1, 2024, Deere & Company (DE, Financial) announced a strategic expansion of its Board of Directors, increasing the number of directors from 11 to 12. The company has appointed R. Preston Feight, the current CEO of PACCAR Inc, to the board, effective immediately.
R. Preston Feight brings a wealth of experience from his leadership role at PACCAR Inc, a prominent company based in Bellevue, Washington, known for manufacturing commercial trucks and diesel engines, distributing aftermarket parts, and providing financing and leasing services. His expertise is expected to contribute significantly to Deere & Company's strategic direction and governance.
Deere & Company has confirmed that there are no arrangements or understandings between Mr. Feight and any other persons that influenced his selection as a director. Additionally, the company has stated that there are no related party transactions or relationships between Mr. Feight and Deere & Company that require disclosure under Item 404(a) of Regulation S-K.
This appointment reflects Deere & Company's commitment to strengthening its leadership team and enhancing its governance framework as it continues to navigate the evolving landscape of the agricultural and construction equipment industry.
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