After eight years as CEO and nearly 45 years of service, Caterpillar Chairman and CEO Jim Umpleby will become Executive Chairman of the Board, effective May 1.
Chief Operating Officer (COO) Joseph E. Creed, a 28-year Cat veteran, will succeed Umpleby as CEO and join the Board of Directors on May 1.
After taking on the CEO position on Jan. 1, 2017, Umpleby led the development and execution of a new strategy for long-term profitable growth, creating significant shareholder value. Last year, Caterpillar achieved record full-year adjusted profit per share, which increased more than sixfold during Umpleby’s tenure as Chief Executive Officer.
“I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career. As we celebrate our 100th anniversary, we honour those who came before us establishing a culture of excellence serving our customers.” Umpleby said. “I have great confidence in my successor Joe Creed and the entire executive office to lead our global team as Caterpillar embarks upon our second century of helping our customers build a better, more sustainable world.”
Creed joined Caterpillar in 1997 and has held numerous positions of increasing responsibility across multiple divisions of Caterpillar.
He was promoted to Chief Financial Officer for Caterpillar’s Energy and 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 and Gas and Marine Division and the Electric Power Division.
In 2021, he was promoted to Group President of Energy and Transportation.
Creed was appointed to the newly created position of Chief Operating Officer in 2023.
“For 100 years, our incredible people have been the foundation of Caterpillar’s success,” Creed said. “I’m proud to work alongside our talented Caterpillar employees and dealers as we continue to support customers across our diverse businesses, from disaster recovery and building the world’s infrastructure to delivering critical minerals and reliable energy. I look forward to leading this amazing team as we build upon Caterpillar’s legacy of excellence.”
Debra L. Reed-Klages, who has served as a Director since June 2015, will remain on the board as independent Presiding Director, a position she has held since June 2022.
“We are deeply grateful for Jim’s leadership and appreciate the outstanding results he achieved during his tenure. His impact on our customers, dealers, shareholders and employees will continue for years to come,” Reed-Klages said.
“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. We are confident Joe will position Caterpillar for continued future success.”
