09/30/2024 – 20:34
AGCO’s largest shareholder is intensifying its criticism of the US agricultural machinery maker. In a letter to shareholders, the Indian company Tractors and Farm Equipment (TAFE) accuses AGCO CEO Eric Hansotia of “strategic errors”, such as failing to commercialize a complete line of harvesters and losing US$671 million with the recent sale of your grain storage silo unit.
AGCO described TAFE’s letter as “the latest tactic in its self-serving campaign” to prevent AGCO from terminating TAFE’s contract to produce and distribute Massey Ferguson brand tractors in India, Turkey and the Middle East.
TAFE chair Mallika Srinivasan, who is a member of AGCO’s board of directors and owns about 17% of the company’s shares, is at odds with Hansotia’s leadership and wants new members appointed. AGCO says its board has been “significantly refreshed” in recent years.
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