CAT Boss Gets $17.9 Million Despite Layoffs - Declining Sales

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Peoria – While Caterpillar saw declining sales in 2015, and thousands of workers were laid off, the company’s top executive saw his compensation increase.

Doug Oberhelman, a 1975 graduate of Millikin University in Decatur, received a 4.5% increase.  Oberhelman’s overall compensation, which includes salary, stock and options, was $17.9 million for the year.

The increase comes despite three years of sales declines at Cat.  The company is forecasting increased sales declines in 2016 with revenue ranging from $40 billion to $42 billion.

Employment at Caterpillar dropped from 129,000 a year ago to 114,000 by March 31st.  Additional layoffs are expected in 2016. 

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