8-K: Deere CFO Resigns; Former CFO Campbell Named Interim

Deere & Company announced the resignation of CFO Joshua A. Jepsen, effective February 19, 2026, with former CFO Ryan D. Campbell appointed as interim.

Summary

• Joshua A. Jepsen notified Deere & Company of his decision to resign as Senior Vice President and Chief Financial Officer, effective February 19, 2026.
• Jepsen's decision to leave is not related to any financial or accounting issue or any disagreement with the Company's operations, policies, or practices.
• Ryan D. Campbell was appointed to serve as acting Chief Financial Officer (principal financial officer and principal accounting officer) on an interim basis, effective February 19, 2026.
• The Company intends to conduct a search for potential internal and external candidates to replace Mr. Jepsen permanently.
• Ryan D. Campbell, age 51, previously served as Senior Vice President, Chief Financial Officer of the Company from March 2019 to May 2022, and has been President, Worldwide Construction & Forestry and Power Systems since May 2022.

Sentiment

Score: 5

Explanation: The filing reports a standard executive transition with the resignation of the CFO and the appointment of a former CFO as interim. The company explicitly stated the departure is not related to financial or accounting issues, mitigating immediate concerns. This event is neutral in its immediate impact on the company's operational or financial outlook.

Positives

• The outgoing CFO's departure is explicitly stated not to be related to any financial or accounting issues or disagreements with company operations, policies, or practices, which mitigates concerns about underlying problems.
• An experienced individual, Ryan D. Campbell, who previously served as the Company's CFO, has been appointed as interim, ensuring continuity and familiarity with the Company's financial operations.

Negatives

• A leadership transition in a key executive role like Chief Financial Officer can introduce a period of uncertainty until a permanent replacement is found.
• The search for a new permanent CFO will require resources and time, potentially diverting management attention.

Risks

• Potential for temporary disruption during the transition period as the Company searches for a permanent Chief Financial Officer.
• Uncertainty regarding the strategic direction or financial policies under a new permanent CFO, once appointed.

Future Outlook

The Company intends to conduct a search of potential internal and external candidates to appoint a permanent replacement for the Chief Financial Officer role.

Management Comments

• Joshua A. Jepsen's decision to leave the Company is not related to any financial or accounting issue or any disagreement with the Company on any matter relating to the Company's operations, policies, or practices.

Industry Context

Executive leadership changes, particularly in the CFO role, are a regular occurrence across industries. For a large, established company like Deere & Company, such a transition, especially with an experienced interim appointment and a clear statement regarding the reason for departure, is generally viewed as a standard corporate governance event rather than an indicator of broader industry distress or specific company-level issues.

Comparison to Industry Standards

• The appointment of an internal, previously experienced CFO as an interim replacement is a common and effective strategy employed by large corporations to ensure stability and continuity during executive transitions, aligning with best practices seen in peers like Caterpillar or CNH Industrial during similar periods.
• The explicit statement that the departure is not due to financial or accounting issues is a standard disclosure aimed at reassuring investors, a practice consistent with transparency expectations for publicly traded companies.

Management Changes

Stakeholder Impact

• Shareholders: May experience minor uncertainty during the transition period, but the appointment of an experienced interim CFO should mitigate significant concerns about financial leadership.
• Employees: Will see a change in executive leadership within the finance function, potentially impacting reporting lines and internal dynamics.
• Customers/Suppliers: Unlikely to be directly impacted by this executive change, as it does not relate to operational or product strategies.

Next Steps

• Conduct a search for potential internal and external candidates to appoint a permanent Chief Financial Officer.

Key Dates

Recommendation

The filing reports a standard executive transition with the resignation of the CFO and the appointment of a former CFO as interim. The company explicitly stated the departure is not related to financial or accounting issues. This event does not provide new information that would fundamentally alter the investment thesis for Deere & Company, warranting a 'hold' recommendation.

Keywords

Deere & Company, CFO, Chief Financial Officer, resignation, interim appointment, executive change, corporate governance, DE, 8-K