Gregory R. Page
DEERE &About Gregory R. Page
Independent director at Deere & Company (DE) since 2013; age 73. Current committee roles: Chair of the Finance Committee; member of the Audit Review Committee; member of the Executive Committee. Former Chairman and CEO of Cargill; currently Chairman of Corteva, Inc. (since 2019). The Board highlights his executive leadership in agriculture, extensive oversight experience (auditing, financial reporting, governance, sustainability), and a robust perspective on the agricultural economy.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cargill, Incorporated | Executive Director | 2015–2016 | Senior leadership/oversight experience |
| Cargill, Incorporated | Executive Chairman | 2013–2015 | Executive leadership; governance |
| Cargill, Incorporated | Chairman & CEO | 2011–2013 | CEO leadership; global operations |
| Cargill, Incorporated | Chairman, CEO & President | 2007–2011 | Full P&L; strategy and execution |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Corteva, Inc. (CTVA) | Chairman | 2019 | Agricultural inputs; public company chairman |
| Eaton Corporation plc (ETN) | Director | n/a | Current public company directorship |
| 3M Company (MMM) | Director | n/a | Current public company directorship |
Board Governance
| Governance Area | Detail |
|---|---|
| Independence | Listed as INDEPENDENT; all standing committees (other than Executive) are composed solely of independent directors |
| Committee Assignments | Finance (Chair); Audit Review (member); Executive (member) |
| Committee Activity | Finance Committee met 4 times in 2024; Audit Review Committee met 8 times in 2024; Executive Committee met 0 times in 2024 |
| Audit Expertise | Board determined Mr. Page is an “audit committee financial expert” under SEC rules |
| Attendance & Engagement | Board met 5 times in FY2024; all incumbent directors attended ≥75% of meetings; overall attendance 96%; all directors then in office attended the Feb 2024 Annual Meeting |
| Executive Sessions | Independent directors meet in executive session at each regular Board meeting; presided over by the Lead Independent Director |
| Lead Independent Director | Sherry M. Smith has served as Lead Independent Director since Feb 2024 |
| Risk Oversight | Finance Committee oversees Deere’s financial affairs (capital structure/liquidity, JDF oversight, pension funding, dividends/repurchases). Audit Review Committee oversees ERM, internal controls, cybersecurity/AI risks |
Fixed Compensation
| Component | Amount/Policy | Notes |
|---|---|---|
| Annual Cash Retainer | $140,000 | Effective since Oct 2022 |
| Committee Chair Fee (Finance) | $15,000 | Finance Chair fee level |
| Committee Member/Meeting Fees | None | No committee member retainers or meeting fees; expenses reimbursed |
| FY2024 Cash Fees (Mr. Page) | $155,000 | Reflects retainer + Finance Chair fee |
Performance Compensation
| Element | FY2024 Detail | Vesting/Holding | Notes |
|---|---|---|---|
| Annual Equity Grant (RSUs) | $164,984 grant-date fair value | Vests 1 year after grant; must be held until retirement/death/disability or change in control with qualifying termination | Grant date March 6, 2024; grant price $366.63/RSU; implies ~450 RSUs |
| Equity Policy | Directors must hold all equity awards until a trigger event; may not sell/gift/dispose before then | Dividend equivalents on RSUs; voting on restricted shares (not RSU-underlying) | |
| Program Change | Equity award value increased from $165,000 to $180,000 effective Oct 2024 for grants after the Annual Meeting | Cash components unchanged |
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict Considerations |
|---|---|---|
| Corteva, Inc. (CTVA) | Chairman | Same end-market (agriculture) expertise; no related-person transactions involving Mr. Page disclosed by Deere |
| Eaton Corporation plc (ETN) | Director | No related-person transactions involving Mr. Page disclosed by Deere |
| 3M Company (MMM) | Director | No related-person transactions involving Mr. Page disclosed by Deere |
Related-party review process: Deere’s Corporate Governance Committee reviews/approves related person transactions; the FY2024 disclosures list several employee-relative items and none involve Mr. Page .
Expertise & Qualifications
- Executive and agricultural industry leader (Cargill Chairman & CEO; Corteva Chairman)
- Extensive oversight experience in auditing, financial reporting, governance, and sustainability from public company boards
- Robust perspective on commodities, agriculture, operating processes, finance, and economics
- Audit committee financial expert as determined by the Board
Equity Ownership
| Measure | Mr. Page | Notes |
|---|---|---|
| Shares Beneficially Owned and Held (a) | 0 | As of Dec 30, 2024 |
| Exercisable Options (b) | 0 | As of Dec 30, 2024 |
| RSUs Available Within 60 Days (c) | 11,121 | As of Dec 30, 2024 |
| Total Beneficial Ownership | 11,121 | Less than 1% of shares outstanding |
| Deferred Stock Units (cash-settled) | 4,305 | Not included in ownership table totals |
| Vested Restricted Shares/RSUs | 10,671 | As of Dec 30, 2024 |
| Unvested Restricted Shares/RSUs | 450 | As of Dec 30, 2024 |
| Director Ownership Guidelines | ≥5x annual cash retainer | Company states each nonemployee director has achieved the multiple or is within the five-year compliance period |
| Anti-Hedging/Pledging | Hedging and pledging prohibited for directors and officers | Policy also prohibits holding Deere stock in margin accounts |
Governance Assessment
-
Strengths supporting investor confidence
- Deep agricultural and operating expertise; long-serving independent director with finance and audit oversight skills; Audit Committee financial expert designation .
- Finance Committee Chair provides direct oversight of capital allocation, JDF, and pension funding; disciplined dividend/repurchase recommendations flow through his committee .
- Strong alignment mechanisms: RSU grants with mandatory post-vest holding until retirement; 5x retainer stock ownership guideline; anti-hedging/anti-pledging policy .
- Board-level engagement: ≥75% attendance for all incumbents; overall attendance 96%; regular executive sessions; independent Lead Director structure .
-
Watch items and potential red flags
- Time commitment/overboarding: Deere policy caps service at three other public boards; Mr. Page currently serves on three (CTVA chair; ETN; MMM), placing him at the policy limit. This is compliant but merits monitoring given his Finance Chair responsibilities at Deere and chair role at Corteva .
- Retirement horizon: Directors may not stand for re-election after age 75 absent Board-approved exceptions—Mr. Page is 73, implying limited remaining tenure under standard policy .
- Related-party exposure: Deere’s FY2024 related-person disclosures do not include Mr. Page; the Board maintains a formal related-party approval policy (ongoing monitoring still warranted given overlapping ag industry exposure via Corteva) .
-
Shareholder sentiment signal
- Say-on-pay support at 2024 Annual Meeting: ~92.4% approval, suggesting broad shareholder alignment with Deere’s compensation governance framework (contextual board-level signal) .