Caterpillar Chairman and Chief Executive James Umpleby III will step down as CEO after eight years in the role and nearly 45 years with the company.
He will transition to executive chairman of the board, effective May 1, the company announced today in a release. Chief Operating Officer Joseph E. Creed, a 28-year employee of Caterpillar, will succeed Umpleby and join the board of directors on the same date.
Umpleby became CEO on Jan. 1, 2017. Under his leadership, Caterpillar’s adjusted profit per share increased more than sixfold, reaching a record in 2024. Meanwhile, Creed joined Caterpillar in 1997 and has held leadership roles across multiple divisions. He became chief operating officer in November 2023 after serving as group president of Energy and Transportation.
Former Sempra Energy CEO Debra Reed-Klages will remain independent presiding director of Caterpillar’s board, a position she has held since June 2022.
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