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Posted 14 July, 2022

CUMMINS INC appointed Jennifer Rumsey as new CEO

NYSE:CMI appointed new Chief Executive Officer Jennifer Rumsey in a 8-K filed on 14 July, 2022.


  Jennifer Rumsey, the Company's President and Chief Operating Officer, will succeed Mr. Linebarger as the Company's President and Chief Executive Officer, effective August 1, 2022.  

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Overview of CUMMINS INC
Automotive • Motor Vehicle Parts
Cummins, Inc. engages in the design, manufacture, and distribution of diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, valvetrain technologies, controls systems, air handling systems, automated transmissions, axles, drivelines, brakes, suspension systems, electric power generation systems, batteries, electrified power systems, hydrogen production technologies, and fuel cell products. It operates through the following segments: Engine, Distribution, Components, Power Systems, and Accelera. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets. The Distribution segment includes power generation systems, high-horsepower engines, heavy-duty and medium-duty engines designed for on- and off-highway use, application engineering services, custom-designed assemblies, retail and wholesale aftermarket parts, and in-shop and field-based repair service. The Components segment supplies products including axles, drivelines, brakes and suspension systems for commercial diesel and natural gas applications, aftertreatment systems, turbochargers, fuel systems, valvetrain technologies, filtration products, automated transmissions, and electronics. The Power Systems segment engages in power generation, industrial, and generator technologies. The Accelera segment designs, manufactures, sells, and supports hydrogen production technologies, as well as electrified power systems, including battery, fuel cell, and electric powertrain technologies. The company was founded by Clessie Lyle Cummins and William Glanton Irwin on February 3, 1919 and is headquartered in Columbus, IN.
Market Cap
$38.3B
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CUMMINS 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 July 14, 2022, Cummins Inc. (the "Company") issued a press release announcing that Tom Linebarger, the Company's Chairman of the Board of Directors (the "Board") and Chief Executive Officer since 2012, will end his term as Chief Executive Officer, effective August 1, 2022. Mr. Linebarger will continue to serve as Chairman of the Board and will transition to an Executive Chairman role, also effective August 1, 2022.

Jennifer Rumsey, the Company's President and Chief Operating Officer, will succeed Mr. Linebarger as the Company's President and Chief Executive Officer, effective August 1, 2022. Ms. Rumsey will continue to serve on the Company's Board, to which she was appointed in February 2022. Ms. Rumsey, age 48, has served as the Company's President and Chief Operating Officer since March 2021. Previously, Ms. Rumsey was Vice President and President of the Company's Components Business from 2019 to 2021, after serving as Vice President and Chief Technical Officer from 2015 to2019. From 2013 to 2015, she was the Company's Vice President of Engineering, Engine Business, after holding a variety of engineering and product life cycle roles with the Company.

On July 12, 2022, the Talent Management and Compensation Committee of the Board approved compensation changes for Mr. Linebarger and Ms. Rumsey in connection with their respective role changes. In connection with Mr. Linebarger's transition to the Executive Chairman role, his base salary will be decreased to $1,150,000 and his target annual bonus will be increased to 150% of base salary, in each case effective as of August 1, 2022. Mr. Linebarger is not expected to be eligible to receive future long-term incentive awards under the Company's 2012 Omnibus Incentive Plan as part of the Company's annual grant cycle.

In connection with Ms. Rumsey's appointment as the Company's President and Chief Executive Officer, effective as of August 1, 2022, her base salary will be increased to $1,500,000, her target annual bonus will be increased to 175% of base salary and her target annual long-term incentive grant value will be increased to $7,500,000 to reflect her additional responsibilities.