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| 2006 News Releases and Information |
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DR. J.B. PENN ACCEPTS POSITION OF CHIEF ECONOMIST AT DEERE & COMPANY
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MOLINE, IL (August 08, 2006) — Deere & Company said today that Dr. J.B. Penn has agreed to head the company's new Office of the Chief Economist, with responsibility for analyzing global macro-economic, policy and trade developments to help the company achieve sustainable, strong business results. The appointment is effective September 1.
Dr. Penn had most recently served as the U.S. Department of Agriculture's under secretary for farm and foreign agricultural services. He has extensive international experience, having served on many foreign missions and task forces as well as conducting projects in numerous countries.
"Deere is fortunate to gain access to the experience and insight that Dr. Penn has gained in his career," said Charlie Stamp, vice president of worldwide public affairs at Deere & Company. "His in-depth knowledge of the world's economy strengthens Deere’s ability to expand its business opportunities around the globe."
The company created the Office of the Chief Economist to help guide the company's policy development and corporate growth initiatives worldwide through the analysis of trends in economics, production, trade and governmental policies. The Chief Economist will apply his analyses to Deere’s agricultural equipment business as well as the company's other core businesses of construction and forestry equipment, commercial and consumer equipment and its credit operations.
Dr. J.B. Penn has served the USDA since being sworn in as under secretary for farm and foreign agricultural services in early 2001. Before his appointment to USDA, Penn had an extensive career in the private sector. Most recently, he was senior vice president and manager of Sparks Companies, Inc.'s Washington office for over a dozen years. Prior to joining Sparks, he was president of Economic Perspectives, Inc. Penn's government experience includes service as deputy administrator for economics of the USDA's then Economics and Statistics Service and as senior staff economist for the President's Council of Economic Advisers.
Deere & Company (NYSE:DE) is the world's leading manufacturer of agricultural and forestry equipment, a major manufacturer of construction equipment, and a leading supplier of equipment used in lawn, grounds and turf care. John Deere also manufactures and markets engines used in heavy equipment and provides landscape and worldwide financial services. Since it was founded in 1837, the company has extended its heritage of integrity, quality, commitment and innovation around the globe.
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