Following an 18-month search process, Deere & Co. announced that its board of directors elected Samuel R. Allen as president, COO and a member of the board of directors effective today, June 1. He will become CEO on August 1, replacing Robert W. Lane, according Henry Kirn, analyst for UBS, in a note to investors.

Lane will serve as chairman of the board until Allen's expected succession.

Allen is a 34-year Deere veteran, most recently the president of Worldwide Construction & Forestry since 2005 and responsible for Deere Power Systems Group global operations since 2003.

Other moves announced by Deere include CFO Michael J. Mack, Jr., who will become president of Worldwide Construction & Forestry. Additionally, Worldwide Commercial & Consumer president (and former comptroller of Deere) James M. Field will become CFO, while Deere Power Systems Group Sr. Vice President will become senior vice president Deere Power Systems Group, Deere Intelligent Mobile Equipment Technologies and Advanced Technology and Innovation.