Item 5.02Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Election of Chief Financial Officer
Deere & Company (the "Company") announced that its board of directors (the
"Board") has elected Rajesh Kalathur to the additional role of Chief Financial
Officer, effective May 31, 2022. Following the effectiveness of the election,
Mr. Kalathur will hold the roles of President, John Deere Financial and Senior
Vice President, Global Information Technology and Chief Financial Officer. Mr.
Kalathur replaces Ryan D. Campbell, who has been elected by the Board to the
position of President, Worldwide Construction & Forestry and Power Systems.
Mr. Kalathur, 53, has served as the President of John Deere Financial since
2019. He also served as the Company's Chief Information Officer from 2018-2022.
Prior to these roles, he served as the Company's Chief Financial Officer from
2012-2019. Mr. Kalathur joined the Company in 1996 and has held positions with
increasing responsibilities in finance, business development, logistics,
operations, and marketing before becoming a member of the senior leadership team
in 2012.
In connection with his new role, Mr. Kalathur will receive an annualized salary
of $887,758, an increase of five percent. Mr. Kalathur will continue to
participate in the Company's short-term incentive (STI) and long-term incentive
(LTIC) cash plans that will payout based on the Company's Operating Return on
Assets (OROA), Operating Return on Sales (OROS), Return on Equity (ROE),
Shareholder Value Added (SVA), and Total Shareholder Return (TSR) during the
relevant performance periods. The target award under the STI plan for Mr.
Kalathur for the fiscal 2022 performance period will be $887,759, an increase
proportionate to his salary increase of five percent. Mr. Kalathur's STI rate as
a percent of annual base pay remains at 100%. Mr. Kalathur's target award under
the LTIC plan for the performance period ending in fiscal 2022 will be $932,147,
an increase proportionate to his salary increase of five percent. The LTIC rate
as a percent of annual base pay remains at 105%. There are no changes to Mr.
Kalathur's equity awards that were granted in December 2021 under the long-term
incentive (LTI) plan.
Awards for Mr. Kalathur under the incentive cash plans are based in part on base
salary during the performance periods. Actual payouts likely will differ based
on actual Company performance during the performance periods and any additional
changes in salary. Other benefits available to named executive officers are
described in the Company's proxy statement filed with the Securities and
Exchange Commission on January 7, 2022, and which descriptions are incorporated
herein by reference.
There are no family relationships or related party transactions between Mr.
Kalathur and the Company or any director, executive officer, or person nominated
or chosen by the Company to become a director or executive officer.
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Item 7.01Regulation FD Disclosure.
The elections described above and other related senior management changes for
the Company are further described in the press release issued by the Company on
May 31, 2022, which is attached hereto and incorporated herein by reference as
Exhibit 99.1.
The information disclosed in this Item 7.01 is not filed for purposes of the
Securities Exchange Act of 1934 and is not deemed incorporated by reference by
any general statements incorporating by reference this report or future filings
into any filings under the Securities Act of 1933 or the Securities Exchange Act
of 1934, except to the extent the Company specifically incorporates the
information by reference.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
Number Description of Exhibit
99.1 Press Release
104 Cover Page Interactive Data File (the cover page XBRL tags are
imbedded in the Inline XBRL document)
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DEERE & COMPANY 
