AGCO Announces Chairman and CEO Succession
20.8.2020 17:32:00 EEST | Business Wire | Press release
AGCO, a worldwide manufacturer and distributor of agricultural equipment and solutions (NYSE:AGCO), today announced that Martin Richenhagen has chosen to retire as Chairman, President and Chief Executive Officer on December 31, 2020. The Company further announced that its Board of Directors has appointed Eric Hansotia, currently AGCO’s Senior Vice President and Chief Operating Officer, to succeed Mr. Richenhagen as Chairman, President and Chief Executive Officer effective January 1, 2021. In addition, Mr. Hansotia has been elected to the Board of Directors, effective immediately.
Martin Richenhagen joined AGCO in 2004 as President and CEO and was named Chairman of the Board of Directors in 2006.
“It’s been my greatest privilege to serve alongside my AGCO colleagues for the past 16 years,” stated Mr. Richenhagen. “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 of Directors, 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.”
“The Board and I are confident that Eric is the right person to build on AGCO’s solid foundation,” added Mr. Richenhagen. “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.” Mr. Hansotia joined AGCO as Senior Vice President, Global Crop Cycle and Fuse Connected Services in 2013 and has served in the role of Senior Vice President and Chief Operating Officer since 2019. Prior to joining AGCO, Mr. Hansotia had a successful 20-year tenure with Deere & Company where he held leadership positions including Senior Vice President, Global Harvesting and Vice President of Global Crop Care.
Mr. Hansotia shared, "I want to express my gratitude to both Martin and the Board of Directors 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. 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.”
About AGCO
AGCO (NYSE:AGCO) is a global leader in the design, manufacture and distribution of agricultural solutions and delivers high-tech solutions for farmers feeding the world through its full line of equipment and related services. AGCO products are sold through five core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® smart farming solutions. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of $9.0 billion in 2019. For more information, visit http://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.
Please visit our website at www.agcocorp.com
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200820005565/en/
Contact information
Greg Peterson
Vice President, Investor Relations
(770) 232-8229
greg.peterson@agcocorp.com
www.agcocorp.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
NIQ Expands Shopper Experience Platform to Improve Product Discovery in AI-Powered Shopping28.10.2026 13:00:00 EET | Press release
NielsenIQ (NYSE: NIQ)today announced new optimization capabilities for its Shopper Experience Platform, supported by its CONTENT Framework, a seven-pillar approach to evaluating and improving product content. Together, they enable brands to evaluate product content and imagery against retailer requirements and category expectations, identify gaps, and prioritize improvements that strengthen product discovery across retailer sites, search engines, and AI-powered shopping channels. A product can be accurate, complete, and retailer-compliant yet still be difficult for shoppers to find, understand, or choose. This challenge is growing as AI assistants, retailer algorithms, and recommendation engines play a larger role in shopping. According to NIQ's Consumer Outlook: Guide to 2027, 55% of global consumers report having been influenced by AI tools or assistants when making household and grocery purchases, while 65% report being influenced by products recommended or ranked on retailer and sh
Tula Technology Signs Landmark Agreement Licensing Dynamic Motor Drive® to Global Tier 1 Supplier28.10.2026 13:00:00 EET | Press release
Tula Technology, Inc., a leader in propulsion efficiency and developer of Dynamic Motor Drive® (DMD), today announced that it has signed an intellectual property license agreement with a global Tier 1 automotive supplier covering the supplier’s entire E-drive portfolio. Under the agreement, the Tier 1 supplier has a non-exclusive license to Tula’s DMD portfolio of patents covering the U.S., Europe, and Asia. The agreement marks the first commercial deployment of DMD spanning the supplier's complete E‑drive portfolio. DMD is an innovative software‑only technology that strategically applies torque pulses under optimal conditions, reducing drive‑cycle energy consumption by 0.5‑2.0%. Because DMD is implemented entirely in software, it requires no hardware changes or additions, allowing suppliers and OEMs to integrate the technology into existing E‑drive systems with minimal engineering effort. The result is improved efficiency for electrified vehicles, delivering higher fuel economy in hyb
PayNet Enables Malaysian Mobile Banking App Users to Make Overseas DuitNow QR Payments via Alipay+28.10.2026 12:42:00 EET | Press release
Payments Network Malaysia Sdn Bhd (PayNet) today announced the launch of outbound DuitNow QR payment connectivity through Alipay+, the unified wallet gateway of Ant International. Malaysians can now use supported local mobile banking apps to pay at participating Alipay+-supported merchants in five destinations: Chinese Mainland, Hong Kong SAR, South Korea, the Philippines and Laos. The initial three launch banks are Maybank, CIMB and Hong Leong Bank, with Bank Islam set to join soon. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261028063575/en/ From left to right: Michael Guo, General Manager of Alipay+ SEA, ANZ and South Asia, Ant International; Praveen Rajan, Chief Executive Officer of PayNet; Danny Chung, General Manager of Alipay+ Global Growth Center, Ant International; and Azrul Fakhzan B. Mainor, Chief Commercial Officer of PayNet. The launch forms part of PayNet’s long-term roadmap to extend secure and interoperabl
Blue Matter Acquires Cognite, a Leading Healthcare Communications Agency28.10.2026 12:00:00 EET | Press release
Blue Matter, a world-class consulting firm serving the life sciences industry, today announced the acquisition of Cognite, a leading global healthcare communications agency that helps pharmaceutical and biotech companies bring science to life through an impressive range of scientific, medical, and commercial communications services. Cognite represents a significant step forward in strengthening Blue Matter’s growing range of communications capabilities. “Blue Matter is recognized as a valuable strategic resource and a thought leader when it comes to corporate, portfolio, product, and functional strategy in biopharma,” said Blue Matter CEO Ashwin Dandekar. “Over the past few years, we’ve been systematically bringing together the creative and communications capabilities that are often so crucial to bringing those strategies to life with healthcare providers, patients, payers, investors, and other stakeholders. Cognite’s array of capabilities, creativity, and team culture are a perfect fi
euroAtlantic Airways Adds Second A330-300, Expanding Widebody Capacity28.10.2026 12:00:00 EET | Press release
euroAtlantic Airways (“EAA”), a Njord Partners portfolio company and a Portuguese ACMI and charter airline, has added a second Airbus A330-300 leased from Jackson Square Aviation (JSA), further expanding its widebody capacity. The second aircraft arrived in Portugal on 28 October 2026, bringing EAA’s total fleet size to eight. The first aircraft, CS-TGI, has already been inducted into EAA’s Air Operator Certificate and is operating commercial flights, including short-term ACMI and charter assignments. The second aircraft, an Airbus A330-300 which will carry the registration CS-TGJ, will now go through induction into EAA’s Air Operator Certificate, subject to the usual regulatory approvals. Both aircraft are leased from JSA and seat 290 passengers across three classes. The addition of the second aircraft strengthens EAA’s ability to serve a diversified range of customer requirements across global markets. In line with its long-term plans, EAA is well positioned for continued disciplined
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom