Caterpillar CEO to retire in 2017

Caterpillar CEO to retire in 2017
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Doug Oberhelman

Jim Umpleby

Dave Calhoun

After more than 41 years with Caterpillar Inc., Peoria, Illinois, Chairman and CEO Doug Oberhelman has elected to retire, effective March 31, 2017. During his time as Chairman and CEO, Oberhelman 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 the unprecedented downturn affecting key industries.

 “Our people have heard me say many times that my greatest responsibility as chairman and CEO is to manage Caterpillar for today and position the company and its future leaders for long-term success,” Oberhelman said. “It has been an honor and a privilege to lead this company, and I am confident in the choice of my successor, Jim Umpleby.”

The company’s board of directors has elected Jim Umpleby, currently a Caterpillar group president with responsibility for Energy and Transportation, to succeed Oberhelman as CEO. Umpleby, a 35-year veteran of the company, will join the Caterpillar Board of Directors and become CEO effective January 1, 2017. He joined Solar Turbines Incorporated in San Diego in 1980. Solar, a wholly owned subsidiary of Caterpillar, is a manufacturer of industrial gas turbine systems. Early in his career, he held numerous positions of increasing responsibility in engineering, manufacturing, sales, marketing and customer services. The Caterpillar board of directors elected Umpleby as Caterpillar vice president and president of solar turbines in 2010. He was named group president and a member of Caterpillar’s executive office, effective January 2013.

“For more than 91 years, Caterpillar equipment has been renowned for its quality, durability, innovation and value,” Umpleby said. “I have been privileged to work with Caterpillar employees and dealers in supporting our customers as they develop the world’s infrastructure and improve standards of living and quality of life. I look forward to leading our dedicated team as we build upon the accomplishments of those that have come before us.”

Oberhelman will remain as executive chairman of Caterpillar until March 31, 2017, when he will retire. Upon Oberhelman’s retirement, Dave Calhoun, a current member of the Caterpillar Board, will assume the role of nonexecutive chairman of the board. Calhoun is senior managing director and head of private equity portfolio operations of The Blackstone Group L.P., New York City.

Ed Rust, former chairman and CEO of State Farm Mutual Automobile Insurance Company, Bloomington, Illinois, and currently presiding director of the Caterpillar Board, will remain on the board, but will no longer hold the title of presiding director once Calhoun assumes the role of nonexecutive chairman.

Calhoun has been a member of the Caterpillar Board of Directors since 2011. In addition to his role with the Blackstone Group, he was previously executive chair of Nielsen Holdings N.V., New York City, from 2014 to 2015, served as chairman of the executive board and CEO of The Nielsen Company B.V., New York City, from 2006 to 2013, vice chairman of General Electric Company, Fairfield, Connecticut, and president and CEO of GE Infrastructure, a subsidiary of General Electric, from 2005 to 2006.

“I am honored to take on these new responsibilities with Caterpillar, an iconic and global leader,” Calhoun said. “Following a deliberate succession process, the board confidently elected Jim as Caterpillar’s next CEO. He reflects the best attributes of Caterpillar’s culture and leadership. I also want to compliment Doug for his outstanding leadership as Chairman and CEO, as the capstone to more than four decades of service. His leadership in the last four years has been remarkable as the company has successfully navigated an incredibly difficult cycle while positioning Caterpillar to take full advantage of the next upturn.”

A replacement for Umpleby will be announced at a later date.

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Source: Recycling Today
Caterpillar CEO to retire in 2017
<![CDATA[ Doug Oberhelman  Jim Umpleby  Dave CalhounAfter more than 41 years with Caterpillar Inc., Peoria, Illinois, Chairman and CEO Doug Oberhelman has elected to retire, effective March 31, 2017. During his time as Chairman and CEO, Oberhelman 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 the unprecedented downturn affecting key industries. “Our people have heard me say many times that my greatest responsibility as chairman and CEO is to manage Caterpillar for today and position the company and its future leaders for long-term success,” Oberhelman said. “It has been an honor and a privilege to lead this company, and I am confident in the choice of my successor, Jim Umpleby.”The company’s board of directors has elected Jim Umpleby, currently a Caterpillar group president with responsibility for Energy and Transportation, to succeed Oberhelman as CEO. Umpleby, a 35-year veteran of the company, will join the Caterpillar Board of Directors and become CEO effective January 1, 2017. He joined Solar Turbines Incorporated in San Diego in 1980. Solar, a wholly owned subsidiary of Caterpillar, is a manufacturer of industrial gas turbine systems. Early in his career, he held numerous positions of…