AGCO Chairman, President and CEO Martin Martin Richenhagen has announced he will retire on December 31, 2020. Effective January 1, 2021, Eric Hansotia will be appointed Chairman and CEO for the global machinery company. 

Richenhagen has been President and CEO at AGCO since he joined the company in 2004. He 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,” Richenhagen said in a press release.  "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.”

Gerald Shaheen, AGCO’s independent Lead Director, shared these achievements for the company during Richenhagen’s 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.  

Hansotia is the company’s current senior vice president and chief operating officer and has been at AGCO since 2013. Before joining the company he was with Deere & Company for 20 years with roles including Senior Vice President, Global Harvesting and Vice President of Global Crop Care.

“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.  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.”  

In the company succession announcement, Hansotia said, "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.”