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Posted 16 October, 2023

CATERPILLAR INC appointed new CEO

CEO Change detected for ticker NYSE:CAT in a 8-K filed on 16 October, 2023.


  On October 11, 2023, the Board of Directors (the "Board") of Caterpillar Inc. (the "Company" or "Caterpillar") appointed Joseph E. Creed as the Company's Chief Operating Officer, effective November 1, 2023. In this newly created position, Mr. Creed will report to D. James Umpleby III, the Company's Chairman and Chief Executive Officer.  

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Overview of CATERPILLAR INC
Industrial Goods • Mobile Machinery
Caterpillar, Inc. engages in the manufacture of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. It operates through the following segments: Construction Industries, Resource Industries, Energy and Transportation, Financial Products, and All Other. The Construction Industries segment supports customers using machinery in infrastructure and building construction applications. The Resource Industries segment is responsible for supporting customers using machinery in mining and quarrying applications and it includes business strategy, product design, product management and development, manufacturing, marketing, and sales and product support. The Energy and Transportation segment supports customers in oil and gas, power generation, marine, rail, and industrial applications. The Financial Products segment offers a range of financing alternatives to customers and dealers for caterpillar machinery and engines, solar gas turbines, as well as other equipment and marine vessels. The All Other segment includes activities such as the business strategy, product management and development, and manufacturing of filters and fluids, undercarriage, tires and rims, engaging tools, and fluid transfers. The company was founded on April 15, 1925, and is headquartered in Irving, TX.
Market Cap
$169B
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CATERPILLAR INC by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 11, 2023, the Board of Directors (the "Board") of Caterpillar Inc. (the "Company" or "Caterpillar") appointed Joseph E. Creed as the Company's Chief Operating Officer, effective November 1, 2023. In this newly created position, Mr. Creed will report to D. James Umpleby III, the Company's Chairman and Chief Executive Officer. Reporting to Mr. Creed will be group presidents Tony Fassino of Construction Industries, Denise Johnson of Resource Industries and Bob De Lange of Services, Distribution and Digital. Mr. Creed's replacement as Group President of Energy & Transportation will be named at a later date and will also report to the Chief Operating Officer.


Andrew Bonfield, Chief Financial Officer, Suzette Long, Chief Legal Officer and, upon her retirement, her successor Derek Owens, and Cheryl Johnson, Chief Human Resources Officer will continue reporting to Mr. Umpleby. 


Mr. Creed, 48, joined Caterpillar in 1997 and has held numerous positions of increased responsibility across multiple divisions of Caterpillar. He was promoted to chief financial officer for Caterpillar's Energy & Transportation business segment in 2013, then to vice president of Caterpillar's Finance Services Division in 2017. Creed also served as interim Chief Financial Officer for Caterpillar in 2018, He then became vice president of the Oil & Gas and Marine Division and the Electric Power Division. In 2021, he was promoted to Group President of Energy & Transportation.


Other than as set forth in the fourth paragraph under the heading "Related Party Transactions" in the Company's definitive proxy statement filed with the Securities and Exchange Commission on May 1, 2023, which paragraph is incorporated herein by reference, there are no reportable related party transactions with respect to Mr. Creed. 


The Compensation and Human Resources Committee of the Board also approved certain changes to Mr. Creed's compensation in connection with his elevation: 


-An increase in his annual salary to $1,115,000, effective November 1, 2023; and 

-An increase in his target award under the Company's Annual Executive Incentive Plan from 115% to 130% of his base salary, effective November 1, 2023.