AGCO Announces Chairman and CEO Succession

AGCO has announced that Martin Richenhagen has chosen to retire as chairman, president and CEO at the end of this year. The board of directors appointed Eric Hansotia, who is AGCO’s senior vice president and COO, to succeed Richenhagen beginning Jan. 1.

Hansotia also has been elected to the board of directors. That role is effective immediately.

“The Board and I are confident that Eric is the right person to build on AGCO’s solid foundation,” Richenhagen said. “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.”

Hansotia joined AGCO in 2013 and moved into the senior vice president/COO role in 2019. Prior to joining AGCO, Hansotia had a 20-year tenure with Deere, where he was most recently a senior vice president.

“I believe farmer-driven innovation is the key to unlocking value for our employees, dealers and shareholders,” he said, “and I look forward to building on Martin’s legacy as we realize AGCO’s bright future.”

Member since 1972 | |Source: Business Wire