Jan. 14--While Deere saw revenue and profits each fall by at least 20 percent in 2015, the pay for its chief executive also dropped.
Chairman and Chief Executive Samuel Allen had total compensation of $18.7 million in 2015, down from $20.3 million the previous year.
The pay was disclosed Wednesday in a filing with the U.S. Securities and Exchange Commission.
Allen has held both jobs at the Moline-based equipment maker since February 2010.
In fiscal 2015, Deere's worldwide sales dropped 20 percent, mainly due to lower shipments of agricultural and construction equipment.
Net income was down 39 percent due primarily to lower shipment volumes and the impact of foreign currency exchange.
Commodity prices have fallen in recent years, leading to weaker sales of farming machinery, and sinking oil prices also have hurt Deere's construction equipment sales.
In late 2015, Deere said it was laying off about 220 workers from its seeding and cylinder operation in its hometown. Deere employs about 60,000 people globally.
Most of Allen's reduced compensation came in the form of stock and option awards.
byerak@tribpub.com
