- Jim Umpleby transitions from CEO to Executive Chairman of Caterpillar (CAT, Financial) effective May 1, 2025.
- Joseph E. Creed, with 28 years at Caterpillar, will succeed Umpleby as CEO.
- Caterpillar achieved record profits in 2024, with a more than sixfold increase during Umpleby's eight-year tenure.
Caterpillar Inc. (CAT) has announced a pivotal leadership transition, marking a significant milestone in the company's history. Effective May 1, 2025, Jim Umpleby will move from his current position as CEO to become Executive Chairman of the Board, following nearly 45 years with the company. This change coincides with Caterpillar's celebration of its 100th anniversary, highlighting a century of innovation and growth.
Joseph E. Creed, who has been with Caterpillar for 28 years, has been elected to succeed Umpleby as CEO. Creed will also join the Board of Directors from the same date. Having served in multiple leadership roles, including CFO of Energy & Transportation, VP of Finance Services, and most recently as COO, Creed is well-positioned to lead the company into its next chapter.
Under Umpleby's leadership, Caterpillar saw a remarkable surge in profitability, achieving a record full-year adjusted profit per share in 2024, which increased more than sixfold since he assumed the CEO role in 2017. His strategic direction has been instrumental in driving long-term growth and creating shareholder value.
Debra L. Reed-Klages will continue her role as the independent Presiding Director, ensuring governance stability during this transition. The Board of Directors has emphasized that this transition is the culmination of a strategic, multi-year succession planning process, ensuring a seamless and effective handover of leadership responsibilities.
Caterpillar, headquartered in Irving, Texas, remains a global leader in construction and mining equipment, with a commitment to building a sustainable future. The company's extensive product portfolio and global dealer network provide exceptional value to its customers, underpinning its century-long legacy of excellence.
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