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Deere CEO pay up 35 percent after strong results

By Josh Funk
AP Business Writer / January 13, 2012
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The value of Deere & Co.'s CEO's compensation grew 35 percent in 2011 as the world's largest maker of agricultural equipment continued to generate strong global sales and sizeable profits.

The company detailed what Samuel Allen and other top Deere executives made during fiscal 2011 in documents it filed Friday with the Securities and Exchange Commission.

Allen, Deere's leader since 2009, received compensation worth $16.6 million last year. In fiscal 2010, he received $12.3 million compensation.

Deere's said executives were rewarded last year because the company delivered results that doubled the targets in its incentive plans. Allen received a $6 million incentive payment.

The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.

Deere is based in Moline, Ill.

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