After eight years as CEO and almost 45 years of service, Caterpillar, chairman and CEO D. James Umpleby III will turn 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 position of CEO on 1 January 2017, Umpleby led the event and execution of a brand new technique for long-term worthwhile progress, creating vital 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 international staff of workers and sellers for my complete profession. As we rejoice our one centesimal anniversary, we honour those that got here earlier than us establishing a tradition of excellence serving our clients.” says Umpleby. “I’ve nice confidence in my successor Joe Creed and the complete Government Workplace to guide our international staff as Caterpillar embarks upon our second century of serving to our clients 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 vitality and transportation enterprise section in 2013, then to vice chairman of Caterpillar’s finance providers division in 2017.
Creed additionally served as interim CFO for Caterpillar in 2018. He then grew to become vice chairman of the oil and gasoline and marine division and the electrical energy division. In 2021, he was promoted to group president of vitality and transportation. Efficient 1 November 2023, Creed was appointed to the newly created place of COO.
“For 100 years, our unbelievable individuals have been the inspiration of Caterpillar’s success,” says Creed. “I’m proud to work alongside our gifted Caterpillar workers and sellers as we proceed to assist clients throughout our numerous companies, from catastrophe restoration and constructing the world’s infrastructure to delivering essential minerals and dependable vitality. I look ahead to main this superb 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 unbiased presiding director, a place she has held since June 2022.
“We’re deeply grateful for Jim’s management and admire the excellent outcomes he achieved throughout his tenure. His influence on our clients, sellers, shareholders and workers 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 vital expertise in Caterpillar’s international companies. We’re assured Joe will place Caterpillar for continued future success.”
Picture courtesy of Caterpillar
