Caterpillar Announces Leadership Transition

Caterpillar Inc. has announced that Chairman and CEO Jim Umpleby will become Executive Chairman of the Board effective May 1, following nearly 45 years with the company. Chief Operating Officer Joe Creed, a 28-year veteran of Caterpillar, has been elected as the company’s next CEO and will also join the Board of Directors on the same date. The leadership change follows a multi-year succession planning process led by the Board.

During Umpleby’s tenure as CEO, which began in 2017, Caterpillar introduced a new strategy aimed at long-term profitable growth and delivered record financial performance in 2024. Creed, who has held a range of senior roles across Caterpillar’s global operations, most recently served as Group President of Energy & Transportation before being appointed COO in 2023.

“We are deeply grateful for Jim’s leadership and appreciate the outstanding results he achieved during his tenure. Joe’s selection as CEO is the result of a multi-year succession planning process by the Board of Directors. He is a proven leader with significant experience in Caterpillar’s global businesses.” said Debra L. Reed-Klages, independent Presiding Director.

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