Caterpillar announce senior executive changes
Chairman and CEO Doug Oberhelman to retire in 2017; Jim Umpleby elected as next CEO
AFTER more than 41 years with Caterpillar Inc., chairman and chief executive officer Doug Oberhelman has elected to retire, effective 31 March 2017.
During his time as chairman and CEO, Mr Oberhelman has reinvigorated the company’s focus on serving customers while also driving a culture of quality and safety. He also led the company to its highest sales and revenue peak in its 91-year history in 2012, and, since that time, has successfully led the company through an unprecedented downturn affecting the company’s key industries.
Caterpillar’s board of directors has elected Jim Umpleby, currently a Group president with responsibility for Energy & Transportation, to succeed Mr Oberhelman as chief executive officer. Mr Umpleby, a 35-year veteran of the company, will join the Caterpillar board of directors and become CEO with effect from 1 January 2017.
Upon Mr Oberhelman’s retirement on 31 March 2017, Dave Calhoun, senior managing director and head of private equity portfolio operations of The Blackstone Group LP and a member of the Caterpillar board since 2011, will assume the role of non-executive chairman.
Ed Rust, current presiding director of the Caterpillar board, will remain on the board but will no longer hold the title of presiding director once Mr Calhoun assumes the role of non-executive chairman.
Mr Rust said: ‘One of our top priorities as a board is developing a strong pipeline of senior leaders. I am certain Jim Umpleby will continue the superb leadership, which is the hallmark of Caterpillar, in the years to come.
‘I especially want to thank Doug Oberhelman for his strong and outstanding leadership of the company throughout his tenure, particularly in the last four years, when the global economic environment has created unprecedented challenges for Caterpillar.’
