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Resigning USDA Under Secretary taking chief economist post Sept. 1

Deere & Company leaders today announced that Dr. J.B. Penn has agreed to head the company's new Office of the Chief Economist, with responsibility for analyzing global macro-economic, policy and trade developments. The appointment is effective Sept. 1.

U.S. Secretary of Agriculture Mike Johanns earlier today announced Penn will be resigning from his USDA post of Under Secretary for Farm and Foreign Agricultural Services at the end of this month.

"Deere is fortunate to gain access to the experience and insight that Dr. Penn has gained in his career," said Charlie Stamp, vice president of worldwide public affairs at Deere & Company.

The company created the Office of the Chief Economist to help guide Deere's policy development and corporate growth initiatives worldwide through the analysis of trends in economics, production, trade and governmental policies. As chief economist, Penn will apply his analyses to Deere's agricultural equipment business as well as the company's other core businesses of construction and forestry equipment, commercial and consumer equipment and its credit operations.

Penn was sworn in as U.S. Department of Agriculture Under Secretary for Farm and Foreign Agricultural Services in May 2001. Before his appointment to USDA, Penn had an extensive career in the private sector. Most recently prior to his work at USDA, he was senior vice president and manager of Sparks Companies, Inc.'s (Now Informa Economics, Inc.) Washington, D.C., office. Prior to joining Sparks, he was president of Economic Perspectives, Inc.

Penn's government experience includes service as deputy administrator for economics of the USDA's then Economics and Statistics Service and as senior staff economist for the President's Council of Economic Advisers.

Deere & Company leaders today announced that Dr. J.B. Penn has agreed to head the company's new Office of the Chief Economist, with responsibility for analyzing global macro-economic, policy and trade developments. The appointment is effective Sept. 1.

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