PEORIA, Ill. (AP) - Caterpillar Inc. officials say the company’s new CEO will bring experience in the global markets and an understanding and respect for the company’s place in central Illinois.
The construction and mining equipment company announced Monday that Jim Umpleby will replace Doug Oberhelman as CEO on Jan. 1, the Peoria Journal Star reported (https://bit.ly/2etsuj4 ). Oberhelman will retire March 31.
Umpleby has worked at Caterpillar for more than three decades. He is currently president of the company’s Peoria-based energy and transportation group, which reported $17.9 billion in sales last year.
Umpleby has worked in a variety of positions in the U.S. and Asia, including assignments in Singapore and Kuala Lumpur.
Caterpillar spokeswoman Rachel Potts says Umpleby is committed to making Caterpillar stronger and has deep roots in the Peoria area. Potts said the CEO switch was not due to the company’s global restructuring plan, which is expected to save Caterpillar $1.5 billion by 2018 due to 10,000 job layoffs, facility closures and discontinuation of some equipment.
“As for the headquarters plans, we are experiencing an unprecedented business downturn,” Potts said. “As everyone knows, in response to these conditions, we have reduced our workforce, closed facilities and made other difficult but necessary decisions to keep the company strong.”
In a departure from the structure of the company’s current administration, Umpleby will not take up the chairmanship of Caterpillar’s board of directors. Instead, current board member Dave Calhoun will assume the role of non-executive chairman.
Information from: Journal Star, https://pjstar.com
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