The Caterpillar team maker has announced that CEO Jim Umpleby will leave May 1 to become President of the Executive Board, with the Operational Director, Joe Creed, assuming the main corporate role.
The announcement comes when the company sees a slightly rocky road ahead of 2025, and the softening of sales planned even before the recent actions faced the price model of its global supply chain.
The Creed promotion occurs after a 28 -year career in Caterpillar, with prominent roles in its energy and transport business segment, a stage as vice -president of its financial service division and after its oil and Gas and Marina division. It has served Corporate COO since November.
“I am proud to work alongside our talented Caterpillar employees and distributors, as we continue to support customers of our various companies, from the recovery of disasters and the creation of the world’s infrastructure to providing critical minerals and reliable energy,” Creed said in a press statement.
Umpleby took over CEO in 2017, at a time when the team signing experienced slowing down sales due to the demand for travel. He oversaw several shifts to the company, including moving the headquarters of his time home in Peoria, Ill. – First in Chicago, and then in Irving, Texas.
Caterpillar led the waves of economic contraction and growth through the pandemic and Covid-19 recovery and experienced considerable growth. Umpleby again focused much of his efforts on the value of shareholders and long -term profitable growth, said the company in a press release, achieving a complete benefit of full benefit for a whole year in 2024.
“I am grateful to have had the opportunity to work with the world team dedicated to Caterpillar employees and distributors throughout my career. As we celebrate our centenary, we honor those who come in front of us by establishing a culture of excellence in the service of our clients,” said Upleby in a statement. “I have great confidence in my successor Joe Creed and the entire executive office to lead our global team while Caterpillar begins our second century to help our customers build a better and more sustainable world.”
