Caterpillar elect next chief executive officer
Cat COO Joe Creed elected as next CEO; Current chairman and CEO Jim Umpleby to become executive chairman
AFTER nearly 45 years of service, Caterpillar chairman and chief executive officer D. James Umpleby III will become executive chairman of the board, effective 1 May 2025, with chief operating officer (COO) Joseph E. Creed, a 28-year Caterpillar veteran, succeeding him as CEO and joining the board of directors.
After assuming the role of CEO eight years ago on 1 January 2017, Mr Umpleby led the development and execution of a new strategy for long-term profitable growth, creating significant shareholder value. In 2024, Caterpillar achieved record full-year adjusted profit per share, which increased more than six-fold during Mr Umpleby’s tenure as CEO.
‘I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career. As we celebrate our 100th anniversary, we honour those who came before us establishing a culture of excellence serving our customers,’ said Mr Umpleby. ‘I have great confidence in my successor, Joe Creed, and the entire executive office to lead our global team as Caterpillar embark upon their second century of helping customers build a better, more sustainable world.’
Mr Creed joined Caterpillar in 1997 and has held numerous positions of increasing responsibility across multiple divisions of Caterpillar. He was promoted to chief financial officer for Caterpillar’s Energy & Transportation business segment in 2013, then to vice-president of Caterpillar’s Finance Services division in 2017. He also served as interim chief financial officer for Caterpillar in 2018, before becoming vice-president of the Oil & Gas and Marine division and the Electric Power division. In 2021, Mr Creed was promoted to group president of Energy & Transportation, and on 1 November 2023 he was appointed to the newly created position of chief operating officer.
‘For 100 years our incredible people have been the foundation of Caterpillar’s success,’ said Mr Creed. ‘I'm proud to work alongside our talented Caterpillar employees and dealers as we continue to support customers across our diverse businesses, from disaster recovery and building the world’s infrastructure to delivering critical minerals and reliable energy. I look forward to leading this amazing team as we build upon Caterpillar’s legacy of excellence.’
Debra L. Reed-Klages, who has served as a director since June 2015, will remain on the board as independent presiding director, a position she has held since June 2022.
She said: ‘We are deeply grateful for Jim’s leadership and appreciate the outstanding results he achieved during his tenure. His impact on our customers, dealers, shareholders, and employees will continue for years to come. Joe’s selection as CEO is the result of a multi-year succession-planning process by the board of directors. He is a proven leader with significant experience in Caterpillar’s global businesses. We are confident Joe will position Caterpillar for continued future success.’
