Caterpillar CEO to Retire, Successor a Company Veteran
Caterpillar Inc insider Jim Umpleby will become chief executive of the heavy equipment maker on Jan. 1, faced with the challenge of reversing a multiyear sales decline triggered by the global commodities slump.
He replaces Doug Oberhelman, who will retire as CEO on Dec. 31 but stay on as executive board chairman until March 31, the company said on Monday.
Caterpillar shares were down about 0.58 percent to $87.20.
Under Oberhelman the company recorded record high revenue in 2012, two years after he became CEO. However, a decline in metals and oil prices hit the company hard