Caterpillar's Leadership Transition: Umpleby Becomes Executive Chairman While Creed Takes Over as CEO
Caterpillar Inc., a global leader in construction and mining equipment, is entering a significant phase as Jim Umpleby transitions from his role as CEO to become Executive Chairman effective May 1, 2025. With an illustrious career spanning almost 45 years at the company, Umpleby has led Caterpillar with distinction, crafting and executing strategies that have driven substantial growth. His tenure as CEO, starting in 2017, witnessed remarkable achievements, including a record high in adjusted profit per share in 2024, representing a sixfold increase during his leadership.
Umpleby expressed deep gratitude for his journey with Caterpillar, recognizing the dedication and hard work of his colleagues and partners. "I am deeply appreciative of the dedicated global team at Caterpillar that I've had the privilege to work with throughout my career," said Umpleby. "As we commemorate our 100th anniversary, it is essential to honor those who laid the groundwork for this company and our commitment to excellence in serving our customers."
Taking over as CEO is Joe Creed, who has been with Caterpillar for 28 years and has progressively risen through the ranks. Creed's extensive experience encompasses various roles across multiple divisions; he has previously served as Chief Financial Officer for the Energy and Transportation division and was recently appointed Chief Operating Officer as of November 1, 2023. His proven track record positions him well to lead Caterpillar into its next century of innovation and service.
In his statement, Creed acknowledged the incredible team at Caterpillar as the foundation for the organization's success. "For a century, our remarkable people have been pivotal in Caterpillar's enduring achievements," said Creed. "I am eager to work alongside our talented employees and dealers as we advance our mission to support customers, whether it be in disaster recovery, infrastructure development, or delivering vital energy resources."
The transition in leadership was carefully prepared for over the years, ensuring that the company remains firmly positioned for future success. Debra L. Reed-Klages, who has served as a Director since 2015, will continue her role on the Board as independent Presiding Director. Reed-Klages commended Umpleby for his impactful leadership and expressed confidence in Creed's ability to guide the corporation.
Caterpillar, noted for its pioneering role in the industry, reported sales and revenues of $64.8 billion in 2024. As the company embarks on its second century, it acknowledges its commitment to sustainability and innovation in helping customers build a better world.
Looking ahead, both Umpleby and Creed emphasize a shared vision centered around Caterpillar's legacy of excellence and the dedication to creating a sustainable future through innovative products and services. Stakeholders are optimistic about this leadership change, viewing it as a pathway to further growth and adaptation in an ever-evolving market. As the company prepares for the challenges and opportunities that lie ahead, the collaborative spirit and commitment to quality are expected to drive Caterpillar's ongoing success.
Umpleby expressed deep gratitude for his journey with Caterpillar, recognizing the dedication and hard work of his colleagues and partners. "I am deeply appreciative of the dedicated global team at Caterpillar that I've had the privilege to work with throughout my career," said Umpleby. "As we commemorate our 100th anniversary, it is essential to honor those who laid the groundwork for this company and our commitment to excellence in serving our customers."
Taking over as CEO is Joe Creed, who has been with Caterpillar for 28 years and has progressively risen through the ranks. Creed's extensive experience encompasses various roles across multiple divisions; he has previously served as Chief Financial Officer for the Energy and Transportation division and was recently appointed Chief Operating Officer as of November 1, 2023. His proven track record positions him well to lead Caterpillar into its next century of innovation and service.
In his statement, Creed acknowledged the incredible team at Caterpillar as the foundation for the organization's success. "For a century, our remarkable people have been pivotal in Caterpillar's enduring achievements," said Creed. "I am eager to work alongside our talented employees and dealers as we advance our mission to support customers, whether it be in disaster recovery, infrastructure development, or delivering vital energy resources."
The transition in leadership was carefully prepared for over the years, ensuring that the company remains firmly positioned for future success. Debra L. Reed-Klages, who has served as a Director since 2015, will continue her role on the Board as independent Presiding Director. Reed-Klages commended Umpleby for his impactful leadership and expressed confidence in Creed's ability to guide the corporation.
Caterpillar, noted for its pioneering role in the industry, reported sales and revenues of $64.8 billion in 2024. As the company embarks on its second century, it acknowledges its commitment to sustainability and innovation in helping customers build a better world.
Looking ahead, both Umpleby and Creed emphasize a shared vision centered around Caterpillar's legacy of excellence and the dedication to creating a sustainable future through innovative products and services. Stakeholders are optimistic about this leadership change, viewing it as a pathway to further growth and adaptation in an ever-evolving market. As the company prepares for the challenges and opportunities that lie ahead, the collaborative spirit and commitment to quality are expected to drive Caterpillar's ongoing success.
Topics General Business）
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