Caterpillar Inc. (CAT, Financial) has announced a significant leadership transition with the appointment of Joseph E. Creed as the new Chief Executive Officer, effective May 1, 2025. This decision was made by the Board of Directors on April 9, 2025. Mr. Creed will also join the Board as a member, succeeding D. James Umpleby III, who will transition to the role of Executive Chairman of the Board.
Joseph E. Creed, currently serving as the Chief Operating Officer, has been with Caterpillar since 1997. His extensive career at the company includes roles such as Chief Financial Officer for the Energy & Transportation business segment, Vice President of the Finance Services Division, and Group President of Energy & Transportation. His leadership experience across various divisions positions him well to lead Caterpillar into its next phase of growth.
In conjunction with these leadership changes, the Compensation and Human Resources Committee has approved adjustments to the compensation packages for both Mr. Creed and Mr. Umpleby. Notably, Mr. Creed will not receive additional compensation for his role as a director.
This transition marks a new chapter for Caterpillar Inc. as it continues to build on its legacy of innovation and leadership in the industry.
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