Deere and Company makes money for investors even when farmers are suffering. Michelle O'Neill reports that's one of the messages Chairman and CEO Sam Allen emphasized during today's annual meeting at World Headquarters in Moline.
Sam Allen is pleased with Deere and Company's performance during the downturn in the agriculture sector. He's also confident it can help customers feed and shelter the world's growing population for decades to come.
In a video shown to about 350 shareholders, Allen says for seven years, John Deere has followed the same business strategy. That will continue with a few additions. Deere has committed to cutting business costs by $500 million this year and next. Ken Golden, Director of Global Public Relations, says that will include personnel cuts, lower material costs, and limiting research and development spending.
While taking questions from shareholders, one asked how Deere executives view possible changes in trade under the Trump administration. Golden says the company supports free trade because its customers benefit from it, especially farmers customers.
Shareholders elected twelve directors and approved an annual advisory vote on executive compensation, but rejected a California stockholder's proposal called, "Right to Act by Written Consent."