Caterpillar Inc. (CAT) CEO to Retire

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Caterpillar Inc. (NYSE:CAT) Chairman and CEO Doug Oberhelman has announced that he will be retiring in the Spring of 2017.

Caterpillar, CAT, CEO, Doug Oberhelman

Doug Oberhelman will be retiring completely from Caterpillar on March 31, 2017. However, he will officially step down as the CEO at the start of 2017 and will give up his role as Chairman at the later date.

Taking over the CEO position from Doug Oberhelman is Jim Umpleby. Umpleby is a Caterpillar Group President that currently leads its Energy & Transportation efforts. He has been with the company for 35 years and will officially become its new CEO on Jan. 1, 2017. The Board of Directors elected him as the next CEO, but no replacement for him in his current role has been announced.

Dave Calhoun will be replacing Doug Oberhelman as the Non-Executive Chairman of the Board when he retires. Calhoun has been a member of the Board since 2011. Ed Rust will no longer be the Presiding Director of the Caterpillar Board when Calhoun takes on his new role. However, he will still remain a member of the Board.

“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,” CEO Doug Oberhelman said in a statement. “It has been an honor and a privilege to lead this company, and I am confident in the choice of my successor, Jim Umpleby.”

CAT stock was down slightly as of Noon Monday.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/10/caterpillar-ceo-doug-oberhelman-cat/.

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