The Caterpillar team maker has announced that its CEO, Jim Umpleby, will be reduced on May 1 to become the executive chairman of the company council and that the current director of operations, Joe Creed, will take on the main 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 28 years of career in CAT, with prominent functions in its energy and transport business segment, a stage as vice president of its financial services division and later its oil and gas division and Marina. He has been COO of CAT since November.
“I am proud to work alongside our talented Catherpillary employees and distributors, while continuing to support customers of our various companies, from the recovery of disasters and the creation of world infrastructure to providing critical minerals and reliable energy,” Creed said in a press release. “I hope to run this amazing team as we rely on the bequest of Caterpillar’s excellence.”
Umpleby took over CEO in 2017, at a time when CAT experienced slowing down sales due to the demand for travel. He oversaw several shifts to the company, including moving the company’s headquarters from his time home in Peoria, ill. – First in Chicago and later in Irving, Texas.
The CAT led the waves of economic contraction and growth through the pandemic and Covid-19 recovery, and experienced considerable growth. Umpleby again focused much of the company’s efforts on the value of shareholders and long -term profitable growth, said the company in a press release, achieving a record profit of full benefit for a whole year per 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.”
