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Caterpillar CEO Doug Oberhelman to retire in 2017

Published by , Digital Assistant Editor
World Coal,

Chairman and CEO, Doug Oberhelman, has elected to retire, effective 31 March 2017.

During Oberhelman’s tenure: product quality levels have reached historically high levels; market position for machines has significantly increased; new Lean Management processes have simplified and sped production capabilities, improving product availability for dealers and customers.

Additionally, the company has increased its quarterly dividend by 83% since 2010 and Caterpillar has been granted nearly 7300 patents worldwide.

“Our people have heard me say many times that my greatest responsibility as Chairman and CEO is to manage Caterpillar for today and position the company and its future leaders for long-term success,” Oberhelman said. “It has been an honor and a privilege to lead this company, and I am confident in the choice of my successor, Jim Umpleby.”

“During the last four years, Caterpillar has faced unprecedented global economic conditions that have significantly impacted the industries served by our customers, as those industries and economic growth in many regions around the world have slowed or severely contracted. Faced with these challenges, our employees have responded like champions. We have improved our market position and grown our field population. Our product quality is at historically high levels, and I believe we are leading the industry in digital capabilities. I am confident that Caterpillar is stronger than ever, with product quality, power, technology and innovation that is the envy of our competitors. Add to that lean and agile manufacturing capabilities and an unrivaled global distribution channel. The future is bright,” Oberhelman added.

The company’s Board of Directors has elected Jim Umpleby, currently a Caterpillar Group President with responsibility for Energy & Transportation, to succeed Oberhelman as CEO.

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