CEO John May Says Deere Has Room to Grow
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.
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.
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.