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FILE - This undated file photo provided by Caterpillar Inc., shows Jim Umpleby, who will replace Doug Oberhelman as CEO of the construction and mining equipment company on Jan. 1, 2017. Caterpillar officials say its new CEO will bring experience in the global markets and an understanding and respect for the company's place in central Illinois. (Kevin May/Caterpillar Inc. via AP)

Incoming Caterpillar CEO brings 3 decades of experience

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FILE - In this Wednesday, June 26, 2013, file photo, Caterpillar Inc. Chairman and CEO Douglas R. Oberhelman delivers the keynote address to the Illinois Chamber of Commerce annual meeting &amp; business leaders luncheon in Chicago. On Monday, Oct. 17, 2016, Caterpillar said Oberhelman will retire from the company in 2017 and will be replaced with Jim Umpleby, who has worked at the company for more than three decades. Oberhelman, 63, will leave the company at the end of March. He has been CEO since 2010 and has been with Caterpillar Inc. for more than 41 years. (AP Photo/Scott Eisen, File)

Caterpillar CEO to retire next year

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“We’re encouraged by improving conditions in our end markets and are proactively managing supply chain risks," Chairman and CEO Jim Umpleby said in a statement.

Caterpillar 1Q sales rise as dealers boost inventory levels →

Caterpillar 4Q profit rises despite sales decline →

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