Caterpillar president announces retirement

Caterpillar President Brad Halverson
Caterpillar Group President and Chief Financial Officer Brad Halverson elects to retire in early 2018.

After 30 years with Caterpillar, President and Chief Financial Officer Brad Halverson has announced he will retire from the company in early 2018.

Halverson joined Caterpillar in 1988 as an accountant. In 1993, he moved to Geneva, Switzerland, to become a strategy and planning consultant. He went on to work as controller in Europe, responsible for Caterpillar’s financial reporting in EuropeAfrica and the Middle East.

“As a second-generation Caterpillar employee, Brad’s roots began well before he joined the company, and on behalf of the extended Caterpillar family, I want to thank him for his many years of service,” said Caterpillar CEO Jim Umpleby.

Halverson left Europe in 1996 and returned to the United States to manage general accounting and financial systems. From 1998 until 2002, Halverson was the CFO of Caterpillar’s Engine Division and was the director of Mergers & Acquisitions.

“Brad assumed the CFO role just as we faced an unprecedented downturn in our business,” Umpleby said. “The company undertook significant restructuring in response to the downturn, and Brad played a critical role in that process, helping the company maintain a strong balance sheet and good cash flow.

Prior to becoming CFO, Halverson served two years as vice president of the Finance Services Division. Before that position, he worked as corporate controller.

“Brad also provided strong leadership for Caterpillar Financial Services Corporation, which maintained strong financial metrics, including past dues, writes offs and credit losses during the downturn,” Umpleby added.

Search for a new president

Caterpillar plans to begin a global, external search to fill the CFO position. Halverson’s decision to continue working into early 2018 aims to ensure a smooth transition for the position.

“I’ve had a great career with Caterpillar. I’m blessed and fortunate to be in a position to retire and spend more time with my family – my wife Mindy, my children and grandchildren,” Halverson said. “I will remain active in community events and will continue to support the various Peoria area charities and organizations that are important to me and my family.”

Halverson graduated with a Bachelor of Science degree in accounting in 1982, and earned an Executive MBA in 1996, both from the University of Illinois. He is also a certified public accountant (CPA) and member of the American Institute of CPAs.

As well, the outgoing CFO serves on the Sysco Corporation Board of Directors and is a member of the U.S. Chamber of Commerce Board. He also serves on the Dean’s Business Council for the University of Illinois at Urbana-Champaign College of Business and the OSF St. Francis Medical Center Community Advisory Board. Halverson is Treasurer of the Easter Seals Foundation Board of Trustees. In addition, Halverson is the Chairman of the Illinois High School Association State Basketball Tournament Steering Committee.