GA-AGCO
AGCO, a worldwide manufacturer and distributor of agricultural equipment and solutions (NYSE:AGCO), today announced that Martin Richenhagen has chosen to retire as Chairman, President and Chief Executive Officer on December 31, 2020. The Company further announced that its Board of Directors has appointed Eric Hansotia, currently AGCO’s Senior Vice President and Chief Operating Officer, to succeed Mr. Richenhagen as Chairman, President and Chief Executive Officer effective January 1, 2021. In addition, Mr. Hansotia has been elected to the Board of Directors, effective immediately.
Martin Richenhagen joined AGCO in 2004 as President and CEO and was named Chairman of the Board of Directors in 2006.
“It’s been my greatest privilege to serve alongside my AGCO colleagues for the past 16 years,” stated Mr. Richenhagen. “Their dedication, integrity, innovativeness and commitment to our customers are what make AGCO such an extraordinary Company, and I’m proud to have been part of its history. I have tremendous confidence in Eric, the Board, our employees and our dealer network, and believe that AGCO’s best days are yet to come.”
Speaking on behalf of AGCO’s Board of Directors, Gerald Shaheen, AGCO’s independent Lead Director, stated, "Martin has served AGCO with great distinction through the years, and we are enormously thankful for his contributions to the Company. Under his leadership, AGCO evolved into an integrated global manufacturer of high-tech, sustainable, agricultural solutions to serve our farmers around the world. AGCO expanded its product portfolio, entered into new markets, consolidated product platforms and modernized facilities. Driven by strong financial performance under his direction, AGCO improved to an investment grade credit rating while initiating a dividend and a substantial share re-purchase program. Martin has been a model of corporate leadership and integrity in the industry. We wish him well in his retirement and look forward to new levels of success under Eric’s leadership.”
“The Board and I are confident that Eric is the right person to build on AGCO’s solid foundation,” added Mr. Richenhagen. “Eric is a seasoned leader with broad industry knowledge, making him uniquely qualified to lead AGCO into the future. Eric has made significant contributions to AGCO’s success over the past seven years, most recently leading the Company through the unique challenges presented by COVID-19. His strong strategic view on the future trends in global agriculture along with his diverse operational experience will enable AGCO to successfully meet the changing needs of our customers.” Mr. Hansotia joined AGCO as Senior Vice President, Global Crop Cycle and Fuse Connected Services in 2013 and has served in the role of Senior Vice President and Chief Operating Officer since 2019. Prior to joining AGCO, Mr. Hansotia had a successful 20-year tenure with Deere & Company where he held leadership positions including Senior Vice President, Global Harvesting and Vice President of Global Crop Care.
Mr. Hansotia shared, "I want to express my gratitude to both Martin and the Board of Directors for their confidence in my ability to lead AGCO into the future. Together with our talented team, I look forward to helping our global farmers sustainably feed the world through smart, innovative agricultural solutions. I believe farmer-driven innovation is the key to unlocking value for our employees, dealers and shareholders, and I look forward to building on Martin’s legacy as we realize AGCO’s bright future.”
About AGCO
AGCO (NYSE:AGCO) is a global leader in the design, manufacture and distribution of agricultural solutions and delivers high-tech solutions for farmers feeding the world through its full line of equipment and related services. AGCO products are sold through five core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® smart farming solutions. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of $9.0 billion in 2019. For more information, visit http://www.AGCOcorp.com . For company news, information and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.
Please visit our website at www.agcocorp.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20200820005565/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Groundbreaking New Sensor Transforms How Europe Tracks Pollution, Smoke and Cloud From Space16.9.2025 09:00:00 CEST | Press release
The first images from the Multi-Viewing, Multi-Channel, Multi-Polarisation Imager, presented at the 2025 EUMETSAT Conference, reveal the brand-new instrument’s exceptional ability to monitor the Earth’s atmosphere from multiple perspectives, to support improved forecasts and air pollution and climate monitoring. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250915322837/en/ 3MI’s very first image, captured between 10:59 and 11:03 CEST on 28 August 2025, confirmed the instrument is already performing well as it delivers its preliminary data streams. The left panel shows a standard view using natural light, highlighting clouds and land surfaces. The right panel, based on polarised light measurements, reveals much finer detail of the atmosphere’s composition – such as subtle cloud structures over Italy and wildfire smoke on the right edge of the image, over Greece. When sunlight interacts with particles in the air, like drople
iBASIS and XLSMART Announce Strategic Management Service Agreement to Manage International and Domestic Mobile Authentication Traffic16.9.2025 09:00:00 CEST | Press release
iBASIS, the leading provider of communications solutions for operators and digital players worldwide, and PT XLSMART Telecom Sejahtera Tbk (XLSMART), formerly known as PT XL Axiata Tbk and PT Smartfren Telecom Tbk, today announced the signing of a Management Service Agreement designed to enhance the efficiency and security of Mobile Authentication traffic delivered into the XLSMART network. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250916416751/en/ From left to right: Andrijanto Muljono, Director & Chief Enterprise & Strategic Relationship Officer, XLSMART; Patrick George, CEO, iBASIS This agreement is a key part of XLSMART's long-term strategy to strengthen its enterprise business and digital services. iBASIS will serve as the unique international and domestic authorized gateway for Mobile Authentication traffic into XL network prefixes. The primary benefit of this collaboration is improved security for XLSMART’s custo
SES and K2 Space to Accelerate Development of Next-Generation MEO Network16.9.2025 08:50:00 CEST | Press release
Transatlantic collaboration combines experience and agility to drive innovation in network design and delivery SES, a leading space solutions company, and K2 Space, an innovative new space technology firm, announced today a strategic collaboration to advance the development of SES’s future medium Earth orbit (MEO) network. The collaboration combines SES’s decades of experience operating global multi-orbit networks, including its O3b mPOWER MEO network, with K2 Space’s agile engineering capabilities to co-develop future network infrastructure and technologies. Earlier this year, SES and K2 Space started development activities to validate new network technologies geared for commercial and sovereign government applications. An on-orbit mission in the first quarter of 2026 will be the first step towards rolling out SES’s future MEO network. This marks a shift in the traditional satellite industry approach, moving from legacy waterfall models to an iterative process that supports continuous
Alipay+ to Launch in Saudi Arabia, Facilitating Cross-Border Mobile Payments for Local Merchants16.9.2025 08:20:00 CEST | Press release
The Saudi Central Bank (SAMA) and Ant International, a leading global digital payment, digitisation, and financial technology provider, will launch cross-border QR code payments between the Kingdom of Saudi Arabia’s (KSA) national payment scheme, mada, and Ant International’s global wallet gateway, Alipay+, during 2026 to drive digitisation and inclusive growth for local merchants. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250915420538/en/ “We are deeply honoured to support the ambitious goals of Vision 2030 and build on the strong digital infrastructure by SAMA to enhance payment connectivity and boost Saudi Arabia’s status as a global tourism hub,” said Douglas Feagin, President of Ant International. “Tourism is a powerful force for economic growth and cultural connectivity. Through such joint innovations across public and private sectors, we can unlock more opportunities and help local businesses and communities flou
New Report by Cambridge Identifies Five Priorities to Prepare Students for a Changing World16.9.2025 08:05:00 CEST | Press release
Foster greater self-management skills to help students navigate uncertaintyReframe subject knowledge to increase its value in age of AISignpost skills more clearly so students recognise they're prepared for the futureStrengthen oracy to help students build meaningful relationshipsStrengthen the role of school as the place to build purposeful connections A major new report from the International Education group at Cambridge University Press & Assessment (Cambridge) captures the voices of nearly 7,000 teachers and students across 150 countries. It offers a unique view of how students experience education today and the skills and attributes they think are important for a future being shaped rapidly by technological advance, climate pressures, and shifting global dynamics. The report, Navigating the future: Preparing learners to thrive in a changing world, draws on responses from 3,021 teachers and 3,840 students worldwide, alongside insights from experts in education, social science, psyc
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom