Deere names John C. May as CEO, effective November 4

Deere & Co.

DE, +2.27%

said Thursday it has named John C. May as its chief executive, effective Nov. 4. May, who has served as chief operating officer at the maker of agricultural and construction equipment since April 2019, will replace Samuel Allen who is stepping down. Allen will continue to hold the position of chairman of the board. May joined Deere in 1997 and was promoted to the senior team in 2012 as president of agricultural solutions and chief information officer. Deere shares were up 2.5% Thursday and have gained 5% in 2019, while the S&P 500

SPX, +0.89%

has gained 16%.

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