AGCO's Shareholder TAFE Proposes Independent Chair for AGCO Board-February 2024-www.financetom.com

AGCO's Shareholder TAFE Proposes Independent Chair for AGCO Board

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AGCO's Shareholder TAFE Proposes Independent Chair for AGCO Board

Nov 25, 2024 4:33 AM

07:12 AM EST, 11/25/2024 (MT Newswires) -- AGCO's ( AGCO ) largest shareholder, Tractors and Farm Equipment Limited said Monday it submitted a proposal for AGCO's ( AGCO ) 2025 Annual Meeting to require the board chair to be an independent director.

TAFE said that AGCO's ( AGCO ) combined chair and CEO role has negatively impacted shareholder interests, citing weak strategy execution, underperformance, failed acquisitions, missed market opportunities, and an ineffective governance structure as evidence.

It added that separating the roles of Chair and CEO, which Eric Hansotia currently holds, will enhance the board's oversight and increase accountability within the leadership structure.

AGCO ( AGCO ) did not immediately respond to MT Newswires' request for comment.

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