Caterpillar CEO Doug Oberhelman retires
Caterpillar chairman and CEO Doug Oberhelman has announced his retirement after more than 41 years at the company.
After March 31, 2017, Oberhelman will be replaced in the CEO position by group president Jim Umpleby, and in the chairman’s role by current senior managing director Dave Calhoun.
Caterpillar says that during Oberhelman’s 41-year tenure with the company, Oberhelman led it to its highest sales and revenue peak in 2012 and successfully managed the company through the recent downturn affecting the industries supplied by Cat.
During Oberhelman’s time in the top job the firm has increased its quarterly dividend by 83 percent and has been granted over 7,300 patents worldwide.
"During the last four years, Caterpillar has faced unprecedented global economic conditions that have significantly impacted the industries served by our customers," Oberhelman says.
"Faced with these challenges, our employees have responded like champions … I am confident that Caterpillar is stronger than ever, with product quality, power, technology and innovation that is the envy of our competitors."
Oberhelman’s CEO successor, Jim Umpleby, is a 35-year Cat veteran and rose through the ranks after beginning his career with Caterpillar subsidiary Solar Turbines in 1980. He has held his current position of Group President for Energy and Transportation since 2013.
"I look forward to leading our dedicated team as we build upon the accomplishments of those that have come before us," Umpleby says.
Dave Calhoun will assume the role of non-executive chairman from April 1, 2017 after being on the Caterpillar board since 2011.
"I am honoured to take on these new responsibilities with Caterpillar, an iconic and global leader," Calhoun says.
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