Deere names Samuel Allen new CEO

Deere & Co. appointed Samuel R. Allen as its next chief executive officer to replace Robert W. Lane, effective Aug. 1. The company also named James Field as chief financial officer.

Allen, 55, becomes president and chief operating officer starting today. Lane, 59, will serve as chairman until Allen takes over that post, the Moline, Illinois-based company said in a statement.

Allen has worked at Deere for 34 years and has served as president of the worldwide construction and forestry division since 2005. His appointment follows an 18-month process to find the company's ninth CEO in its 172-year history.

Field most recently served as president of the commercial and consumer division. He replaces Michael Mack Jr., who has held the post since 2006. Mack will now work as president of the construction and forestry division.

Deere, the world's largest maker of farm equipment, rose $1.62, or 3.9 percent, to $43.47 on May 29 in New York Stock Exchange composite trading.