Diversified Financial Services
Company Overview of John Deere Financial Services, Inc.
John Deere Financial Services, Inc. provides financial services to agricultural and construction customers in the United States. The company offers retail, wholesale, and lease financing solutions. It also provides revolving credit and crop insurance services. The company was formerly known as John Deere Credit Company and changed its name to John Deere Financial Services, Inc. in October 2010. The company was incorporated in 1988 and is based in Moline, Illinois. It has an additional location in Johnston, Iowa. John Deere Financial Services, Inc. operates as a subsidiary of Deere & Company.
One John Deere Place
Moline, IL 61265
Founded in 1988
Key Executives for John Deere Financial Services, Inc.
Chairman of Deere & Company and Chief Executive Officer of Deere & Company
Compensation as of Fiscal Year 2016.
John Deere Financial Services, Inc. Key Developments
Deere & Company Announces Changes to its Management Team at John Deere Financial Services
Sep 12 16
Deere & Company announced changes to its senior management team in response to the planned retirement of a member of the company's leadership team later the year 2016. The following changes are effective November 1: Michael J. Mack, Jr. will retire as Group President, John Deere Financial Services, Global Human Resources and Public Affairs. Cory J. Reed, is appointed President, John Deere Financial. Mack is retiring after more than 30 years of distinguished service. His wide-ranging career included assignments in information systems, finance, engineering, manufacturing, marketing and credit. He worked in four business divisions at Deere and was based in multiple U.S. cities as well as in Europe. After serving in leadership positions of increasing responsibility, Mack was named Vice President and Treasurer in 2004, Senior Vice President and Chief Financial Officer in 2006, and President of Worldwide Construction & Forestry in 2009. He moved to his present position in 2014. Reed is currently Senior Vice President in the Worldwide Agriculture & Turf Division with responsibility for the Intelligent Solutions Group. He has been instrumental in developing and implementing Deere's precision agriculture strategy. Reed joined Deere in 1998 and has held a variety of marketing and sales positions including marketing manager for large tractors, regional sales and marketing for John Deere International in Switzerland. He later became Senior Vice President, Global Marketing Services for the Worldwide Agriculture & Turf Division before assuming his current role.
Financial Services Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended October 31, 2014; Provides Earnings Guidance for Fiscal 2015
Nov 26 14
Financial Services reported unaudited earnings results for the fourth quarter and year ended October 31, 2014. For the quarter, net income attributable to Deere & Company of $172.2 million compared with $157.1 million in 2013. The improvement was due to growth in the credit portfolio, partially offset by lower crop insurance margins, higher selling, administrative and general expenses and a higher provision for credit losses. Additionally, yearly results benefited from a more favorable effective tax rate. Net sales and revenues were $762 million against $699 million a year ago. Operating profit was $261 million against $241 million a year ago.
For the year, net income attributable to Deere & Company of $624.5 million compared with $565.0 million in 2013. The improvement was due to growth in the credit portfolio, partially offset by lower crop insurance margins, higher selling, administrative and general expenses and a higher provision for credit losses. Additionally, yearly results benefited from a more favorable effective tax rate. Net sales and revenues were $2,577 million against $2,349 million a year ago. Operating profit was $921 million against $870 million a year ago.
For fiscal-year 2015 net income attributable to Deere & Company for the financial services operations is expected to be approximately $610 million. The outlook reflects a decline from the prior year due primarily to an expected increase in the provision for credit losses, versus the low level of 2014, and a less favorable tax rate. These factors are projected to be partially offset by growth in the credit portfolio and higher crop insurance margins.
Deere Announces Changes to Senior Leadership Team
Oct 1 14
Deere & Company announced changes to its senior leadership team that will take place after the retirement of James A. Israel, president of John Deere Financial - the company's global financial services division headquartered in Des Moines, Iowa. These changes are effective October 23: James A. Israel, president, John Deere Financial, has elected to retire after 35 years of service. Michael J. Mack, Jr. is appointed group president, John Deere Financial Services, Global Human Resources and Public Affairs. Max A. Guinn is appointed president, Worldwide Construction & Forestry, Global Labor Relations and Security. Israel joined Deere in 1979, has held a number of management positions, and was appointed president of the financial services business in 2006. With his guidance, the size of the company's credit portfolio nearly doubled to approximately $40 billion and the number of countries in which financing services are offered increased from 17 to 45. Mack is currently president of Deere's Worldwide Construction & Forestry Division, a position he has held since 2009. He previously served as Deere & Company's treasurer and chief financial officer. Guinn is currently senior vice president of human resources, communications, public affairs and labor relations. He previously held a variety of leadership roles in both of Deere's major equipment divisions.
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