Caterpillar CEO to retire in 2017

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PEORIA – After serving the company for more than 41 years, Caterpillar Inc. Chairman and CEO Doug Oberhelman says he will retire March 31, 2017.

During Oberhelman’s time with Caterpillar, the company has seen product quality reach historically high levels and granted nearly 7,300 patents worldwide. Officials say he helped to reinvigorate the company’s focus on serving customers while also driving a culture of quality and safety.

Caterpillar saw the highest sales and revenues peak in its 91-year history in 2012 under Oberhelman’s leadership.

Now, with Oberhelman retiring, a successor has been chosen.

“Our people have heard me say many times that my greatest responsibility as Chairman and CEO is to manage Caterpillar for today and position the company and its future leaders for long-term success. It has been an honor and a privilege to lead this company, and I am confident in the choice of my successor, Jim Umpleby,” Oberhelman says.

The company’s Board of Directors elected Umpleby, currently a Caterpillar Group President with responsibility for Energy & Transportation, to succeed Oberhelman as CEO. Umpleby is a 35-year veteran of the company and will become CEO effective January 1, 2017.

“For more than 91 years, Caterpillar equipment has been renowned for its quality, durability, innovation and value. I have been privileged to work with Caterpillar employees and dealers in supporting our customers as they develop the world’s infrastructure and improve standards of living and quality of life. I look forward to leading our dedicated team as we build upon the accomplishments of those that have come before us,” Umpleby says.

A replacement for Umpleby will be announced at a later date.

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