Release Details

DULUTH, Ga., Feb. 3 /PRNewswire-FirstCall/ -- AGCO Corporation (NYSE: AG), a worldwide designer, manufacturer and distributor of agricultural equipment, announces the resignation of Mr. Donald Millard, Executive Vice President and Chief Operating Officer effective Feb. 15th. Don will be starting a venture capital and strategic investment business. Don has been in his current position since June 2002, and prior to that served as the Chief Financial Officer from October 2000 when he began his employment with AGCO.

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"Don told me last spring that he was interested at some point in pursuing entrepreneurial opportunities, and as the year progressed it became increasingly clear that is what he wanted to do," said Robert J. Ratliff, AGCO's Chairman, President and Chief Executive Officer. He added, "I appreciate Don's willingness, however, to defer leaving the company until after the Valtra acquisition was complete and the initial financing was in place. We will miss his leadership and the significant contributions he made to the continual profitability and growth of the business. He leaves many friends at AGCO and in the industry; we all wish him well in his new venture."

Don Millard commented, "I have enjoyed the last four years at AGCO. The AGCO organization consists of a tremendous group of individuals who are dedicated to producing the best-in-class farm equipment. However, I always have wanted to work in a smaller, more entrepreneurial environment that provides more hands-on opportunities, and if I am ever going to do that, now, at age fifty-six, it is time."

Following the loss of two senior executives in a plane crash in early 2002, the Board of Directors has been formulating a new long-term succession plan. This event was expected by the Board and along with recent organizational changes that coincide with the acquisition of Valtra, they anticipate that further implementation of their plan will proceed without interruption.

AGCO Corporation, headquartered in Duluth, Georgia, is a global designer, manufacturer and distributor of agricultural equipment and related replacement parts. AGCO products are distributed in over 140 countries. AGCO offers a full product line including tractors, combines, hay tools, sprayers, forage, tillage equipment and implements through more than 8,600 independent dealers and distributors around the world. AGCO products are distributed under the brand names AGCO(R), Agco Allis(R), AgcoStar(R), Challenger(R), Farmhand(R), Fendt(R), Fieldstar(R), Gleaner(R), Glencoe(R), Hesston(R), LOR*AL(R), Massey- Ferguson(R), New Idea(R), Rogator(R), SISU(TM) Diesel, Soilteq(TM), Spra- Coupe(R), Sunflower(R), Terra-Gator(R), Tye(R), Valtra(R), White(TM), and Willmar(R). AGCO provides retail financing through AGCO Finance in North America and through Agricredit in the United Kingdom, France, Germany, Ireland, Spain and Brazil. In 2002, AGCO had net sales of $2.9 billion.

Please visit our website at www.agcocorp.com .

SOURCE AGCO Corporation