Jim Umpleby to Continue as Caterpillar Chairman & CEO
Caterpillar Inc. (NYSE: CAT) announced on October 13, 2022, that its Board of Directors has waived the mandatory retirement policy for Chairman and CEO Jim Umpleby, allowing him to continue in his role beyond February 2023 when he turns 65. This decision grants the Board increased flexibility in its CEO succession planning. Debra Reed-Klages, presiding director, praised Umpleby for his strong leadership. Caterpillar reported sales of $51 billion in 2021, underscoring its position as a leading manufacturer in the construction and mining equipment sector.
- Board waives mandatory retirement policy for CEO, enhancing succession flexibility.
- Jim Umpleby recognized for strong strategic leadership, boosting investor confidence.
- None.
IRVING, Texas, Oct. 13, 2022 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) today announced that its Board of Directors has waived the policy requiring Caterpillar's Chairman and CEO, Jim Umpleby, to retire at age 65. Umpleby has agreed to remain in his position beyond February 2023, when he turns 65.
"Waiving the mandatory retirement policy for Jim provides the Board greater flexibility with its CEO succession process," said Debra Reed-Klages, presiding director, speaking on behalf of Caterpillar's Board of Directors. "Jim has provided strong strategic and operating leadership for the company, and we look forward to his continued leadership of the Caterpillar team."
About Caterpillar
With 2021 sales and revenues of
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Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.
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SOURCE Caterpillar Inc.
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