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⚠ Leadership Turnover in the Finance ChairLow threat

Deere & Company (DE) — threat to the moat

Deere's finance chair changed twice in four months of 2026, with T. Brent Norwood taking over on 1 May.

The company's balance-sheet discipline depends on the people running it, and the finance chair changed twice in 2026. Chief Financial Officer Joshua Jepsen resigned effective 19 February 20261. An acting chief financial officer served until T. Brent Norwood, 44, became Senior Vice President and Chief Financial Officer on 1 May 20262.

Deere chief financial officers, 2026to 19 Feb 2026Joshua JepsenFeb-Apr 2026acting CFOfrom 1 May 2026T. Brent Norwood, 44Deere Forms 8-K, January and April 2026
Three holders of the role in one year.

Nothing in the filings suggests a disagreement over policy, and the third-quarter results were delivered on schedule. The board also changed: Brian Sikes, chair and chief executive of Cargill, joined in December 20253. John May has been chairman, chief executive and president since 20204.

Turnover matters at a company whose returns depend on judgments about the cycle: how much to produce, how much to buy back, how much credit to extend. A new chief financial officer will make those judgments in the recovery.

The board is changing too. Brian Sikes's appointment brought the board to 11 members, 10 of them independent5. May, the chairman, is 566, and no succession plan for the chief executive has been announced in the filings.

If Deere announces a change in its capital-allocation policy, or a further change of chief financial officer, before the end of fiscal 2027, the discipline described on this page will need to be re-proved.

References
  1. ReportedChief Financial Officer Joshua Jepsen resigned effective 19 February 2026.
    Deere & Company Form 8-K, 20 January 2026 - Chief Financial Officer Joshua A. Jepsen resigns effective 19 February 2026. — January 2026 · publ. 20 January 2026 · source ↗
  2. ReportedAn acting chief financial officer served until T. Brent Norwood, 44, became Senior Vice President and Chief Financial Officer on 1 May 2026.
    Deere & Company Form 8-K, 28 April 2026 - T. Brent Norwood, 44, elected Senior Vice President and Chief Financial Officer effective 1 May 2026. — April 2026 · publ. 28 April 2026 · source ↗
  3. ReportedThe board also changed: Brian Sikes, chair and chief executive of Cargill, joined in December 2025.
    Deere & Company release, Form 8-K exhibit 99.1, 3 December 2025 - Brian Sikes, chair and chief executive of Cargill, joins the board. — December 2025 · publ. 3 December 2025 · source ↗
  4. ReportedJohn May has been chairman, chief executive and president since 2020.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - selected financial data, MD&A and the supplemental consolidating data for equipment operations and financial services. — FY2025 · publ. 18 December 2025 · source ↗
  5. ReportedBrian Sikes's appointment brought the board to 11 members, 10 of them independent.
    Deere & Company release, Form 8-K exhibit 99.1, 3 December 2025 - Brian Sikes, chair and chief executive of Cargill, joins the board. — December 2025 · publ. 3 December 2025 · source ↗
  6. ReportedMay, the chairman, is 56, and no succession plan for the chief executive has been announced in the filings.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - selected financial data, MD&A and the supplemental consolidating data for equipment operations and financial services. — FY2025 · publ. 18 December 2025 · source ↗
Sources
Generated October 5, 2026