1227 ET - Disgruntled Agco director Mallika Srinivasan is proposing shareholders separate the board chairman and chief executive's positions, opening a new front in a dispute with Chairman and CEO Eric Hansotia. Srinivasan's company, Tractors and Farm Equipment, or TAFE, is offering the proposal for shareholders to vote on at next year's annual meeting. Srinivasan is an Agco director and chairperson of TAFE, Agco's largest shareholder at about 16%. TAFE manufactured and distributed Massey Ferguson-brand tractors for Agco in India, Turkey and the Middle East for decades, but Agco canceled its contract with TAFE earlier this year. Srinivasan has been highly critical of Hansotia's management of the company and has lobbied for the chairman's job in the past. Shares up 5% at 103.38. (robert.tita@wsj.com)
(END) Dow Jones Newswires
November 25, 2024 12:27 ET (17:27 GMT)
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