Farm equipment maker Deere & Co said on Monday Samuel Allen will succeed Robert Lane as chief executive on August 1, becoming the company's ninth CEO in 172 years.

Deere said its board named Allen, 55, president, chief operating officer and member of the board, effective Monday.

Lane, 59, will continue to serve as chairman until Allen's expected succession.

Allen, a 34-year veteran of the Moline, Illinois-based company, has been president of the worldwide construction and forestry division since 2005 and has been responsible for the global operations of the Deere power systems group since 2003.

(Reporting by Nick Zieminski, editing by Gerald E. McCormick)