Deere names new CFO in second rejig in three months

FILE PHOTO: A hat with the words John Deere is seen for sale at a dealership in Taylor, Texas

(Reuters) -Farm equipment maker Deere & Co on Thursday named Joshua Jepsen as its chief financial officer, replacing Rajesh Kalathur, who was appointed to the role barely three months ago.

Kalathur will continue as president of Deere’s financial unit, Deere said in a statement.

Jepsen, who assumed the duties of deputy financial officer at Deere earlier this year, joined the company as an intern in 1999. He will receive an annual base salary of $850,000, Deere said in a filing.

Deere earlier last month lowered its full-year profit outlook as it struggled to make enough tractors amid high costs and a shortage of parts.

(Reporting by Nathan Gomes in Bengaluru; Editing by Maju Samuel)