Deere & Company (NYSE: DE) shares nosedived Thursday, despite the appointment of Brian Sikes, board chair and chief executive officer of Cargill, to the company's board of directors. Sikes leads one of the world's largest privately held companies and is widely recognized for his strategic vision and dedication to advancing global food and agriculture.
"We're delighted to welcome Brian to the Deere board," said Deere CEO John C. May. "Brian's decades of leadership at Cargill have given him a deep understanding of the agricultural value chain and the challenges faced by farmers and food producers worldwide. His commitment to innovation and sustainability will be instrumental as we continue to transform our business and deliver smarter, more sustainable solutions for our customers."
This morning’s news release points out that since joining Cargill in 1991, Sikes has served in numerous leadership positions within the company's protein, food ingredients, and agricultural supply chain divisions.
He assumed the roles of president and CEO in 2023, taking charge of Cargill's operations across more than 70 countries, and was named chair of Cargill's board of directors in 2024.
Over the course of his career, he has been an advocate for farmers, food producers, and frontline workers, leading initiatives aimed at enhancing supply chain efficiency, promoting responsible management of natural resources, and utilizing technology and innovation to create long-term value for the industry.
DE shares plunged $6.14, or 1.3%, to $475.68.
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