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Caterpillar announce officer changes

CATERPILLAR Inc. have announced several changes at officer level, including the initial leadership for the integration of Bucyrus International.

After more than 41 years with Caterpillar, Jim Parker, vice-president of the Americas Distribution Division, is to retire with effect from 1 January 2011. Having joined Caterpillar in 1969, Mr Parker was instrumental in the growth of Caterpillar’s electric power, marine and industrial engines businesses.

He will be replaced by Bill Finerty, who joined the company in 1984 and has held a series of positions in the US and Europe in the areas of marketing, finance and mining. In 2005, he was named a regional manager for the Americas Distribution Division, and for the last five years has been instrumental in the growth and development of Caterpillar’s North American dealer organization.

Caterpillar have also announced that Steve Fisher (pictured) will become vice-president with responsibility for the integration of Bucyrus International Inc. In November, the company announced that it had reached an agreement to acquire Bucyrus in a transaction valued at approximately US$8.6 billion (including net debt). The closing of this transaction is expected in mid-2011, subject to regulatory approvals.

Mr Fisher is currently vice-president with responsibility for Caterpillar’s Remanufacturing & Components Division, which has been one of the company’s fastest growing organizations in recent years. In his new role, he will initially lead a dedicated team of Caterpillar professionals in the integration planning efforts, and upon closing, will lead cross-functional teams from both Caterpillar and Bucyrus to ensure a smooth and orderly integration.

Meanwhile, Greg Folley will replace Mr Fisher as vice president with responsibility for the Remanufacturing & Components Division. Mr Folley, is currently vice-president of the Human Services Division, with responsibility for corporate human resources, corporate public affairs, governmental affairs, compensation ad benefits, sustainable development, and environment, health and safety. A replacement for Mr Folley as the Vice President of the Human Services Division will be announced at a later date.

Jiming Zhu, vice-president responsible for the China Division, is to leave Caterpillar to pursue other opportunities with effect from 31 December 2010. He will not be replaced with a corporate vice-president, but instead group president Rich Lavin will move to Hong Kong, where Caterpillar have established a new executive office to provide added leadership for China and other critical growth markets. This will mark the first time the company has had a member of its executive office based in Asia.

Finally, with effect from 1 January 2011, Kevin Thieneman will become country manager for China and chairman of Caterpillar (China) Investment Co. Ltd, leading the ongoing development of the company’s strategy and business growth in China. Based in Beijing, he will retain his current responsibilities as country manager for India and ASEAN, and will report to Mr Lavin.

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