Justin Rose
President, Worldwide Agriculture & Turf Division: Small Agriculture and Turf (Europe, Africa, and Asia) at 
DEERE &
DEERE &Executive
About Justin Rose
Justin R. Rose is a senior executive at Deere & Company who joined on October 31, 2022 as President, Lifecycle Solutions, Supply Management, and Customer Success, responsible for aftermarket, customer support, supply management/logistics, precision upgrades, and driving recurring-revenue and customer-success goals . Effective November 3, 2025, he transitions to President, Worldwide Agriculture & Turf Division: Small Agriculture & Turf (EMEA/Asia), after leading Lifecycle Solutions through Deere’s Smart Industrial strategy execution . He spent ~20 years at Boston Consulting Group as Senior Partner & Managing Director, leading North American Industrials and helping develop Deere’s Smart Industrial operating model; he holds BA degrees in mathematics and economics and an MBA from Northwestern University (Kellogg) . During his tenure, Deere posted FY2023 revenue of $61.25B (+16% y/y) and net income of $10.17B (+43% y/y); FY2024 revenue was $51.72B (–16% y/y) with net income of $7.10B amid cyclical normalization, while five- and ten-year TSR outperformed peer medians .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Deere & Company | President, Small Agriculture & Turf (Europe, Africa, Asia) | 2025–present | Leads small ag/turf portfolio and EMEA/Asia markets; aligns equipment and tech for smallholders, compact utility, hay/forage, turf |
| Deere & Company | President, Lifecycle Solutions, Supply Management, and Customer Success | 2022–2025 | Ran global aftermarket/support/supply chain, precision upgrades; accountable for recurring-revenue and customer-success outcomes |
| Boston Consulting Group (BCG) | Senior Partner & Managing Director; Head, North American Industrials | ~2002–2022 | Co-developed Deere’s Smart Industrial strategy; global leadership roles across Chicago, Bangkok, Tokyo, Mexico City |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| World Food Programme Innovation Accelerator | Advisory Committee Member | n/d–present | Food security/innovation advisory |
| Central Texas Food Bank | Board of Directors | n/d–present | Community leadership/governance |
Fixed Compensation
| Metric (USD) | FY2023 |
|---|---|
| Base salary | $836,030 |
| Cash bonus (sign-on) | $840,000; plus an additional $840,000 to be paid in FY2024 per hire terms |
| All other compensation (breakdown below) | $61,122 |
All Other Compensation (FY2023)
- Financial planning: $10,000; Misc. perqs: $2,715; Company contributions to defined contribution plans: $48,407 .
Sign-on/Make-whole
- Upon hire (10/31/2022): $4.5M make-whole equity (time-based RSUs) to replace forfeited awards; vesting 25% at 2nd anniversary of grant date and 75% at 3rd anniversary .
Performance Compensation
Short-Term Incentive (STI) – FY2023
- Payout: 185.7% of target for NEOs (company-wide determination); Mr. Rose’s non-equity incentive compensation was $1,546,798 .
- Program uses enterprise operating metrics; Deere disclosed 2023 results of $61.25B net sales/revenues, $10.17B net income, SVA $9.32B .
STI metrics/weighting (program context)
- Deere’s STI metrics are OROA, OROS (equipment ops), and ROE (financial services). In FY2024, weighting was 50% OROA, 40% OROS, 10% ROE; FY2024 payout was 180% of target (context for program design evolution) .
Long-Term Incentives (Equity) – Grants and Vesting Terms
| Element | Design | Vesting | Notes |
|---|---|---|---|
| PSUs | 3-year performance, payout 0–200% | Cliff vest at 3 years | FY2022 grant cycle (2022–2024) paid at 76% of target based on relative revenue growth vs peer group (42nd percentile) |
| RSUs | Time-based | 34% / 33% / 33% annually | Standard cycle; separate from make-whole RSUs |
| Stock options | Market-priced | 1/3 per year over 3 years; 10-yr term | Black-Scholes fair value and grant pricing per program |
FY2023 LTI Sizing
- Adjusted base-level equity award value approved for Mr. Rose: $1,980,000 (mix across PSUs/RSUs/options per program) .
- LTIC (cash long-term plan) payout for 2021–2023 was 200% of target for eligible NEOs, but Mr. Rose did not receive a 2023 LTIC award given recent tenure .
Equity Ownership & Alignment
Outstanding equity at FY2023 year-end (as disclosed)
| Category | Details |
|---|---|
| Make-whole RSUs (10/31/2022) | 11,368 unvested shares; market value $4,105,553 |
| 12/14/2022 Options | 5,079 unexercisable; exercise price $438.44; expire 12/14/2032 |
| 12/14/2022 RSUs | 1,129 shares not vested; market value $407,738 |
| 12/14/2022 PSUs (equity incentive awards) | 3,467 unearned/not vested; market or payout value $1,252,107 (performance-contingent) |
Deferred Compensation and Pension (FY2023)
- Nonqualified deferred comp: $487,667 executive contribution; $15,667 registrant contribution; aggregate balance $490,755; aggregate earnings –$12,579 .
- Pension benefits present value: $8,963 (Salaried Plan; minimal credited service due to new tenure) .
Ownership policy, hedging/pledging
- Stock ownership: CEO 6.0x base salary; other NEOs 3.5x base salary (company policy) .
- Hedging and pledging prohibited for directors and executives (Global Insider Trading Policy and corporate governance policies) .
Insider filings
- Initial Form 3 filed November 2, 2022 indicating new executive officer status (no common shares beneficially owned at that time) .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start/date | Joined Deere October 31, 2022 |
| Employment agreements | Company discloses NEOs do not have employment agreements; severance governed by guidelines (half-month of salary per completed year of service, capped at 1 year’s salary) |
| Change-in-control (CIC) | Program provides 2x base salary and 2x target STI for senior officers upon CIC + qualifying termination; RSUs/PSUs accelerate only on double-trigger (CIC + qualifying termination) and PSUs are cashed at target |
| CIC payouts (FY2023 measurement) | Rose—CIC only: $2,837,404 (LTIC in-progress); CIC + qualifying termination: total $11,390,895 (components include 2x salary of $1,672,000; 2x target STI of $1,666,000; LTIC $2,837,404; equity cash-outs; welfare/plan contributions) |
| Clawback/recoupment | Company adopted SEC/NYSE-compliant recoupment policy in 2023; incentives subject to recovery on restatements/error |
| STI plan amendments | STI annual cap increased to $10.0M per participant effective FY2023; administrative updates (8-K Oct 30, 2023) |
Performance & Track Record (company context during tenure)
| Fiscal Year | Net Sales & Revenues | Net Income | Notes |
|---|---|---|---|
| 2023 | $61.25B (+16% y/y) | $10.17B (+43% y/y) | Strong demand; SVA $9.32B (+50%) |
| 2024 | $51.72B (–16% y/y) | $7.10B (–30% y/y) | Structurally improved ops through cycle; EPS $25.62; stock $407.93 (+13% y/y) |
Say-on-Pay (program support)
- Shareholder approval rates ~92.5% (2023) and 92.4% (2024) indicate broad support for pay design and alignment .
Compensation Structure Analysis
- Alignment and at-risk mix: For FY2024 program (context), 50% of LTI is performance-based PSUs (relative TSR and relative revenue growth), 25% RSUs, 25% options—improving pay-for-performance rigor and shareholder alignment .
- Program tightening: STI goals raised for FY2025 (higher OROA/OROS targets across trough/mid/peak), reflecting elevated structural ambitions (e.g., 20% mid-cycle OROS by 2030), which supports disciplined through-cycle performance .
- Governance: Double-trigger equity vesting under CIC and recoupment policy reduce windfall risk; hedging/pledging prohibitions strengthen alignment .
Vesting Schedules and Potential Selling Pressure
- Make-whole RSUs (grant 10/31/2022) vest 25% on 10/31/2024 and 75% on 10/31/2025, creating potential windows of incremental supply from tax withholding or diversification, subject to Deere’s insider trading windows/policies .
- Standard RSUs and options from 12/14/2022 vest ratably over three years; PSUs cliff-vest based on performance (e.g., 2022–2024 PSU cycle paid at 76% of target) .
Equity Ownership & Pledging
- No pledging allowed; company prohibits hedging/pledging for executives and directors, mitigating alignment red flags .
- Stock ownership guidelines apply; compliance status for Mr. Rose not disclosed, but deferred compensation balances and ongoing equity exposure indicate growing alignment .
Investment Implications
- Incentive design and governance: Strong alignment via high performance-based equity, double-trigger CIC, and clawbacks should support shareholder-friendly outcomes through cycles .
- Near-term trading dynamics: 2022 make-whole RSU cliffs (Oct-2024/Oct-2025) and ongoing annual vesting may create episodic sell pressure around open windows; absence of disclosed pledging and company trading policy reduce adverse signaling .
- Execution focus: Rose’s remit (aftermarket/recurring revenue, customer success, supply chain) ties directly to Deere’s margin/OROA/OROS ambitions and SaaS/recurring revenue goals; track record includes helping architect the Smart Industrial model at BCG, and his elevation to run Small Ag & Turf underscores succession depth in operational roles .
Sources: All SEC/Proxy data as cited above; Deere leadership/press materials and third-party background links provide supplemental biography and role context.