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
National Oilwell Varco to Cut 1,500 Norwegian Jobs
National Oilwell Varco Inc., the largest U.S. oilfield equipment maker, said it will cut its Norwegian workforce by 1,500 by the end of this year as low oil prices have reduced investments. It plans to cut 900 permanent jobs and 600 contractors, the firm said in a statement on Wednesday. "The reason for the lay-offs is the big change in the market situation for our industry over the last year with reduced investments and reduced sale of new equipment," it said. "The uncertain market situation also means that we can't say how comprehensive the process of laying
Schneider Looks at 130 Job-cuts in France
Electrical equipment maker Schneider Electric could cut over 130 jobs in France as it restructures its production of prefabricated power substations and shrinks the segment's staff by a third, a company spokesman told Reuters. Talks with labour representatives over a redundancy plan will start in December, the spokesman said, confirming a planned restructuring that the CFDT metal workers' union condemned in a statement on Thursday. Substations carry electricity from power plants and transmission lines and transform it from high to lower voltage to distribute it to consumers and firms.
