After eight years as CEO and almost 45 years of service, Caterpillar Inc. Chairman and CEO D. James Umpleby III will grow to be government chairman of the board efficient Might 1. Chief Working Officer (COO) Joseph E. Creed, a 28-year Caterpillar veteran, will succeed him as CEO and be a part of the Board of Administrators Might 1.
After assuming the function of CEO on Jan. 1, 2017, Umpleby led the event and execution of a brand new technique for long-term worthwhile development, creating important shareholder worth. In 2024, Caterpillar achieved file full-year adjusted revenue per share, which elevated greater than sixfold throughout Umpleby’s tenure as CEO.
“I’m grateful to have had the chance to work with Caterpillar’s devoted international workforce of staff and sellers for my complete profession. As we rejoice our one hundredth anniversary, we honor those that got here earlier than us establishing a tradition of excellence serving our prospects.” mentioned Umpleby. “I’ve nice confidence in my successor Joe Creed and your complete government workplace to steer our international workforce as Caterpillar embarks upon our second century of serving to our prospects construct a greater, extra sustainable world.”
Creed joined Caterpillar in 1997 and has held quite a few positions of accelerating duty throughout a number of divisions of Caterpillar. He was promoted to chief monetary officer for Caterpillar’s Vitality & Transportation enterprise section in 2013, then to vp of Caterpillar’s Finance Companies Division in 2017. Creed additionally served as interim chief monetary officer for Caterpillar in 2018. He then turned vp of the Oil & Fuel and Marine Division and the Electrical Energy Division. In 2021, he was promoted to group president of Vitality & Transportation. Efficient Nov. 1, 2023, Creed was appointed to the newly created place of COO.
“For 100 years, our unimaginable folks have been the muse of Caterpillar’s success,” mentioned Creed. “I am proud to work alongside our proficient Caterpillar staff and sellers as we proceed to help prospects throughout our various companies, from catastrophe restoration and constructing the world’s infrastructure to delivering essential minerals and dependable power. I look ahead to main this wonderful workforce as we construct upon Caterpillar’s legacy of excellence.”
Debra L. Reed-Klages, who has served as a director since June 2015, will stay on the board as impartial presiding director, a place she has held since June 2022.
“We’re deeply grateful for Jim’s management and recognize the excellent outcomes he achieved throughout his tenure. His affect on our prospects, sellers, shareholders and staff will proceed for years to return,” Reed-Klages mentioned. “Joe’s choice as CEO is the results of a multiyear succession planning course of by the Board of Administrators. He’s a confirmed chief with important expertise in Caterpillar’s international companies. We’re assured Joe will place Caterpillar for continued future success.”
