© 2023 WVIK
Listen at 90.3 FM and 105.7 FM in the Quad Cities, 95.9 FM in Dubuque, or on the WVIK app!
Play Live Radio
Next Up:
Available On Air Stations

CEO John May Says Deere Has Room to Grow

Deere logo w terrain bkgrnd Capture.PNG
Deere & Co.
Screenshot of a slide from the online John Deere annual shareholders meeting

At Wednesday's John Deere annual meeting, shareholders heard Chairman and CEO, John May, discuss the successes of the past year and how the company plans to grow this year.

Deere Exact Shot collage Q1 pres CES.jpg
Deere & Co., Consumer Electronics Show
Deere's new Exact Shot starter fertilizer application

In May's speech during the online meeting, he said there's plenty of room for Deere to grow. "We've identified $150 billion of incremental, addressable market that will be shared by customers, Deere, and other industry participants. To that end, Deere has accelerated efforts to improve the efficiency and limit the environmental impact of its products."

He also promoted a new product called, Exact Shot, introduced during the Consumer Electronics Show earlier this year. "Through a combination of the latest sensors and robotics, it applies starter fertilizer precisely to the seed as it is planted at speeds up to 10 miles an hour. As a result, farmers can reduce the amount of starter fertilizer used by as much as 60%, while maintaining speeds needed to get the job done on time."

Shareholders elected eleven directors and approved executive compensation. But 40 percent said "yes" to a shareholder proposal that would limit termination pay, so it failed.

Deere & Co.
Screenshot of a slide from the 2023 John Deere annual meeting

It's the third year John Deere has held its annual meeting virtually. May's speech was recorded before the meeting, and no one appeared "live" on camera. Online meetings also don't allow the CEO the opportunity to recognize retirees who worked at Deere for 30, 40, or even 50 years.

Officially, Michelle's title is WVIK News Editor. She does everything there is to do in the newsroom and whatever may be needed around the radio station.
Related Content