After eight years as CEO and almost 45 years of service, Caterpillar, chairman and CEO D. James Umpleby III will develop into government chairman of the board efficient 1 Might. Chief working officer (COO) Joseph E. Creed, a 28-year Caterpillar veteran, will succeed him as CEO and be part of the board of administrators on 1 Might.
After assuming the function of CEO on 1 January 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 report 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 world staff of staff and sellers for my whole profession. As we have a good time our one hundredth anniversary, we honour those that got here earlier than us establishing a tradition of excellence serving our prospects.” says Umpleby. “I’ve nice confidence in my successor Joe Creed and the whole Government Workplace to steer our world staff 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 (CFO) for Caterpillar’s power and transportation enterprise section in 2013, then to vp of Caterpillar’s finance companies division in 2017.
Creed additionally served as interim CFO for Caterpillar in 2018. He then turned vp of the oil and fuel and marine division and the electrical energy division. In 2021, he was promoted to group president of power and transportation. Efficient 1 November 2023, Creed was appointed to the newly created place of COO.
“For 100 years, our unbelievable folks have been the inspiration of Caterpillar’s success,” says Creed. “I’m proud to work alongside our gifted 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 vital minerals and dependable power. I stay up for main this wonderful staff 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 respect the excellent outcomes he achieved throughout his tenure. His affect on our prospects, sellers, shareholders and staff will proceed for years to come back,” says Reed-Klages. “Joe’s choice as CEO is the results of a multi-year succession planning course of by the board of administrators. He’s a confirmed chief with important expertise in Caterpillar’s world companies. We’re assured Joe will place Caterpillar for continued future success.”
Picture courtesy of Caterpillar
