MOLINE, Ill. (AP) -- Farm equipment maker Deere & Co. says its board has elected Samuel R. Allen to succeed Robert W. Lane as chief executive starting Aug. 1.
Fifty-five-year-old Allen also has been elected president, chief operating officer and a board member of the world's largest maker of agricultural equipment, effective Monday.
Allen has been president of Moline, Ill.-based Deere's construction and forestry division since 2005 and has been responsible for the global operations of its power systems group since 2003. He's worked for the company for 34 years.