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
Convera Appoints Industry Leader Meaghan Riley as Chief Commercial Officer to Scale Commercial Growth and Expand Revenue Opportunities29.1.2026 18:14:00 EET | Press release
Convera, a global leader in commercial payments, today announces the appointment of Meaghan Riley to Chief Commercial Officer, as the company continues its growth trajectory, expands to new markets, and drives scalable revenue opportunities across geographies and sectors. Prior to Convera, Meaghan was Chief Operating Officer for Google Cloud North America, where she led a major go-to-market transformation and launched high-growth segments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260129799440/en/ Meaghan Riley, Chief Commercial Officer, Convera “Meaghan’s impressive career journey and proven track record brings exceptional experience and unique assets that will strengthen our leadership team at this pivotal moment in Convera’s journey,” said Patrick Gauthier, CEO, Convera. “Meaghan’s leadership will be instrumental in delivering on our commitment to make global business payments simpler and smarter—serving our customer
New Year, New Solutions: AMRA Medical Continues Commitment to Innovation & Data-Driven Excellence29.1.2026 17:23:00 EET | Press release
AMRA Medical, the global leader in MRI-based fat distribution and muscle composition analytics, is excited to share our brand repositioning supported by the launch of a refreshed website and the introduction of a new tagline, “Insights Within.” This strategic update reflects AMRA’s commitment to placing clients and collaborators at the center of our vision: to be the most trusted, insights-driven imaging partner in the pursuit of preventing and curing disease. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260129457626/en/ The new website provides a more structured and transparent presentation of AMRA’s biomarkers and research services, enabling our partners to have a clear understanding of our offerings, as well as the scientific value and applications of these solutions. For the first time, we’re introducing Imaging Biomarkers and Insights Biomarkers: clearly-defined, intentional offerings that are designed with your trial
Andersen Consulting Strengthens Digital Transformation Offering with iNNOVATEQ29.1.2026 16:30:00 EET | Press release
Andersen Consulting has entered into a Collaboration Agreement with iNNOVATEQ, a Muscat-headquartered digital transformation firm redefining the digital oilfield through real-time insights, intelligent workflows, operations excellence, and production optimization across the oil and gas value chain. Founded in 2018 as a spin-off of Petroleum Development of Oman (PDO)’s digital transformation program, iNNOVATEQ draws on its deep operator DNA and hands-on experience working with some of the largest National Oil Companies (NOCs) and International Oil Companies (IOCs) to assist clients in the oil and gas industry. The firm specializes in sustainable business transformation through practical, fit-for-purpose digital solutions delivered via its proprietary Nibras platform, an asset and production management system. With a team of more than 100 professionals and a growing international client base, iNNOVATEQ supports clients by aligning digital initiatives, streamlining operations, and scaling
Esri Earns ISO Certification, Reinforcing Commitment to Data Security29.1.2026 15:00:00 EET | Press release
Esri, the global leader in location intelligence, has received ISO/IEC 27001:2022 certification. This certification enables Esri's ArcGIS users to meet data residency and local regulatory requirements and ensures that Esri’s security practices comply with the requirements set by the International Organization for Standardization (ISO). ISO/IEC 27001:2022 certification provides a globally recognized framework for establishing, implementing, maintaining, and continually improving an information security management system. Esri's certification demonstrates that its system preserves the confidentiality, integrity, and availability of the platforms, services, and applications used to process, transmit, and store customer assets. "As enterprises simultaneously navigate escalating cyber threats and complex data residency regulations, our certification provides critical assurance that we maintain the rigorous security standards required today," said Michael Young, Esri, CISO-Products. "And esp
NTT DATA Signs Strategic Collaboration Agreement with AWS to Accelerate Enterprise Cloud and Agentic AI Adoption29.1.2026 15:00:00 EET | Press release
NTT DATA, a global leader in AI, digital business and technology services, today announced a multi-year Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to help enterprises modernize legacy systems, adopt agentic AI responsibly and scale innovation across industries. Combining NTT DATA’s expertise in cloud transformation, cloud-native modernization and Agentic AI with the scale and innovation velocity of AWS services, the collaboration will deliver tailored enterprise solutions that modernize mission-critical workloads, build secure cloud foundations and drive measurable business outcomes across regulated and high-growth industries. Under the agreement, NTT DATA and AWS will accelerate enterprise transformation in four priority areas: AI-driven large-scale cloud transformation: Accelerating the migration and modernization of on-premises workloads on AWS, leveraging generative and agentic AI, automation and data platforms to unlock new business models and drive int
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