Before strike began, Deere CEO reported donation in company stock
CEDAR RAPIDS, Iowa (KCRG) - Two days after the United Auto Workers overwhelmingly rejected a new contract agreement with John Deere, the CEO and Chairman reported the disposing of 1,400 securities in a donation to a charitable donor-advised fund.
The filing, which was made with the Security and Exchange Commission on Tuesday, said CEO and Chairman of the Board of Directors John May began selling stocks in March 2021. However, SEC rules require documentation filed within two business days following the transaction date, indicating the sale of the stock took place over about a six-month period. The total value of the stock is $463,400 based on the current stock price of about $331 as of October 18.
May still owns more than 72,000 shares of Deere stock after the donation, according to the SEC filing.
Around 10,000 United Auto Workers across the country, including many in Iowa, began a strike on the company the day after the filing was reported on Wednesday. John Deere’s stock, which is under its formal name of Deere and Company, is down around 6.3% during the last month. The stock decreased by around 3% in the last five days.
Jennifer Hartmann, who is a spokesperson for John Deere, said the sale has nothing to do with any current events and is not related to the strike.
Editor’s Note: An earlier version described the transaction as a sale but is now updated to more accurately note it as a charitable donation. The article also has been updated to show the sale was of 1400 stock units valued at $460,000. An initial version put the sale of stocks at $72,000.
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