The long-standing Agco group boss and chairman of the supervisory board of Agco GmbH Marktoberdorf, Martin Richenhagen, will retire at the end of the year. The Agco headquarters in the USA announced this Thursday. Richenhagen has pushed the market value of the agricultural machinery company Agco up to six billion dollars in his career.
His successor Eric Hansotia will join the company’s supervisory board in addition to the operational management of the company. Hansotia currently serves as Senior Vice President at Agco. The American has worked for the company since 2013. Before that, he held various positions at John Deere, during which time he also worked in Germany for a number of years.
Richenhagen shapes Fendt
According to the press release, Richenhagen played a key role in setting the course and making business decisions for the globalization of the Fendt brand and its expansion into a full-line brand. Today it can be said that Agco has created very good conditions for further growth for the Fendt brand through the initiatives of Richenhagen.
Agco / Fendt key success figures from 2004 to 2020:
- The number of employees at six locations has more than doubled to almost 6,000.
- There are now six AGCO / Fendt locations in Germany, four of them in Bavaria (Marktoberdorf, Asbach-Bäumenheim, Feucht and Waldstetten), the Hohenmölsen location in Saxony-Anhalt and the Wolfenbüttel location in Lower Saxony.
- Fendt tractor sales increased by over 70 percent.
- Development of a complete and attractive Fendt tractor range from 70 HP to 517 HP.
- Very successful development into the Fendt Full Liner with a wide range of tractors, harvesters and sprayers.
About Martin Richenhagen: After studying theology, philosophy and Romance languages at the University of Bonn and working as a religion teacher, Martin Richenhagen followed the advice of former BDI President Thumann and switched to business. It went through a medium-sized steel company via the agricultural engineering giant Claas to the world’s third largest American agricultural machinery manufacturer Agco with its headquarters in Duluth. In addition to his economic success as CEO of Agco, the passionate dressage rider is at home in the equestrian scene.
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