David Nelson Farr (born 1955) is an American business executive. He was the chairman and CEO of
Emerson Electric Company
Emerson Electric Co. is an American multinational corporation headquartered in Ferguson, Missouri. The ''Fortune'' 500 company manufactures products and provides engineering services for industrial, commercial, and consumer markets.
, a
Fortune 500
The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
company.Business Biographies /ref> Farr has worked at the company since 1981 and retired as CEO on Feb 5, 2021. He is married to Lelia Far, with whom he has two children, and is a resident of
Ladue
Ladue is an inner-ring suburb of St. Louis, located in St. Louis County, Missouri. As of the 2020 census, the city had a population of 8,989.
Ladue has the highest median household income of any city in Missouri with a population over 1,000.
Ge ...
,
Missouri
Missouri is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. Ranking List of U.S. states and territories by area, 21st in land area, it is bordered by eight states (tied for the most with Tennessee ...
Farr was born in the United States in 1955. He grew up in Corning, New York, where his father was a math teacher before becoming a plant manager at glassmaker Corning Inc. The job moved the family to England, where his mother died from a cerebral hemorrhage when Farr was 18. He went to
Wake Forest University
Wake Forest University is a private research university in Winston-Salem, North Carolina. Founded in 1834, the university received its name from its original location in Wake Forest, north of Raleigh, North Carolina. The Reynolda Campus, the un ...
and graduated with a degree in chemistry in 1977.Forbes /ref> He went on to earn an MBA from the
Owen Graduate School of Management
The Vanderbilt University Owen Graduate School of Management is the graduate business school of Vanderbilt University in Nashville, Tennessee, United States. Founded in 1969, Owen awards six degrees: a standard 2-year Master of Business Administr ...
at
Vanderbilt University
Vanderbilt University (informally Vandy or VU) is a private research university in Nashville, Tennessee. Founded in 1873, it was named in honor of shipping and rail magnate Cornelius Vanderbilt, who provided the school its initial $1-million ...
in 1981.
Career
Farr began his career at Emerson in 1981. He held various positions upon his initial employment including manager of investor relations, vice president of corporate planning and development, president of the Ridge Tool division and group vice president for the industrial components and equipment business. He ascended the corporate ladder serving as president of Emerson Electric Asia-Pacific and then chief executive officer of Emerson's Astec joint venture Astec (BSR) PLC. He eventually became a senior executive vice president and chief operating officer in 1999. He was eventually named CEO in October 2000, succeeding Charles F. Knight who had held the position for the previous 27 years. Farr was only the third CEO in the company's history. Upon his retirement, he was succeeded by Surendralal "Lal" Karsanbhai, who was executive president of Emerson's largest business segment, Automation Solutions, from 2018 until being named CEO.
Additionally, Farr was elected chairman of the board of Emerson in 2004 and relinquished that position May 4, 2021. Farr currently serves on the board of directors for IBM, the
Delphi Corporation
Aptiv PLC is an Irish- American automotive technology supplier with headquarters in Dublin. Aptiv grew out of the now-defunct American company, Delphi Automotive Systems, which itself was formerly a component of General Motors.
History
The co ...
, the
United Way
United Way is an international network of over 1,800 local nonprofit fundraising affiliates. United Way was the largest nonprofit organization in the United States by donations from the public, prior to 2016.
United Way organizations raise funds ...
of Greater St. Louis and is a member of
The Business Council
The Business Council is an organization of business leaders headquartered in Washington, D.C.
During Farr's tenure, Emerson maintained its six-decade record of annual dividend increases, despite trade wars and a worldwide pandemic. Under Farr's leadership, the company became a $16.8 billion global corporation with some 200 factories and 85,000 employees, including about 1,400 at its headquarters in Ferguson, Missouri (a suburb of St. Louis). Farr aggressively moved Emerson production and design operations to low-cost, low-regulation environments outside the United States, particularly the People's Republic of China. Under Farr's leadership, Emerson laid off 14% of its U.S. workforce in 2009, eliminating nearly 20,000 jobs. While speaking at the Baird Industrial Outlook Conference in Chicago, in November 2009, Farr attacked the Obama administration for its attention to "labor rules" and "health reform", and stated: "What do you think I'm going to do? I'm not going to hire anyone in the United States. I'm moving." As a devotee of the St. Louis Cardinals baseball team, Farr was noted for swinging one five baseball bats he kept in his office to help him concentrate. He also used them to prod Emerson executives to speak during earnings calls.
Compensation
While CEO of Emerson Electric in 2009, David N. Farr earned a total compensation of $6,899,987, which included a base salary of $1,168,750, a cash bonus of $1,500,000, stock grants of $3,735,000, and other compensation totaling $496,237.
Awards and recognition
Farr was the 2007 campaign chair for the United Way of Greater St. Louis, leading the community to raise a record-breaking $68.8 million to help people in the 16-county region of metro St. Louis. He was also named one of the ''Top 25 Managers'' in 2000. Emerson has been awarded as well under Farr's management having been named one of the ''100 Best Corporate Citizens'' in 2004.
Institutional Investor magazine
''Institutional Investor'' magazine is a periodical published by Euromoney Institutional Investor. It was founded in 1967 by Gilbert E. Kaplan. A separate international edition of the magazine was established in 1976 for readers in Europe and Asia ...
named David Farr, CEO of Emerson EMR, one of ''The Best CEOs in America'' in the electrical equipment and multi-industry in 2008.MSN Money /ref>
Personal life
Farr is married with two children and is a resident of
Ladue
Ladue is an inner-ring suburb of St. Louis, located in St. Louis County, Missouri. As of the 2020 census, the city had a population of 8,989.
Ladue has the highest median household income of any city in Missouri with a population over 1,000.
Ge ...
,
Missouri
Missouri is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. Ranking List of U.S. states and territories by area, 21st in land area, it is bordered by eight states (tied for the most with Tennessee ...