Caterpillar has announced a leadership transition plan, which includes the appointment of the original equipment manufacturer’s next chief executive.
Caterpillar CEO and chairman Jim Umpleby will become the executive chairman of the board on May 1. This change comes after Umpleby spent eight years as chief executive officer at Caterpillar and nearly 45 years working at the company.
Umpleby took over as CEO from January 2017, and has achieved long-term profitable growth, creating significant shareholder value.
“I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career,” Umpleby said.
“As we celebrate our 100th anniversary, we honour those who came before us establishing a culture of excellence serving our customers.
“I have great confidence in my successor Joe Creed and the entire executive office to lead our global team as Caterpillar embarks upon our second century of helping our customers build a better, more sustainable world.”
Current chief operating officer Joe Creed has been appointed by the board as the next Caterpillar CEO. Creed joined Caterpillar in 1997, became the chief financial officer for Caterpillar’s energy and transportation business segment in 2013, and then vice president of Caterpillar’s finance services division in 2017. In 2021, he was promoted to Group president of energy and transportation before taking on the new position of chief operating officer in 2023.
“For 100 years, our incredible people have been the foundation of Caterpillar’s success,” Creed said.
“I’m proud to work alongside our talented Caterpillar employees and dealers as we continue to support customers across our diverse businesses, from disaster recovery and building the world’s infrastructure to delivering critical minerals and reliable energy. I look forward to leading this amazing team as we build upon Caterpillar’s legacy of excellence.”
Caterpillar director Debra L. Reed-Klages welcomed the transition as the result of a long-term plan by the company to ensure stability.
“We are deeply grateful for Jim’s leadership and appreciate the outstanding results he achieved during his tenure. His impact on our customers, dealers, shareholders and employees will continue for years to come,” Reed-Klages said.
“Joe’s selection as CEO is the result of a multi-year succession planning process by the board of directors. He is a proven leader with significant experience in Caterpillar’s global businesses. We are confident Joe will position Caterpillar for continued future success.”
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