Doug Oberhelman, CEO of Caterpillar is retiring

Doug Oberhelman, Chairman and CEO of Caterpillar announced his retirement in 2017. Jim Umpleby will succeed him while Dave Calhoun, a current member of Caterpillar Board, will assume the role of Non-Executive chairman of the Board.

After more than 41 years at the head of Caterpillar , Chairman and CEO Doug Oberhelman has elected to retire effective on March 31, 2017. During his time, he has refocused the group’s strategy to the customers services while also leading a quality and safety policy. He led the company to its highest sales and revenue peak in 2012.

"Over the past 4 years, Caterpillar has faced unprecedented global economic conditions that have significantly impacted on the business of our customers. Despite a decline in many regions of the world, our employees have responded like champions. We strengthened our market position and increased our field technicians. The quality of our products is at historically high levels and I believe we are on the front edge of the industry in digital capabilities. I am confident that Caterpillar is stronger than ever. the competitors are envious of the quality of our products, our power, our technology and our ability to innovate. Add to that an unrivaled distribution channel and the future is bright, "said Doug Oberhelman.

The Caterpillar Board of Directors has elected Jim Umpleby, currently a Caterpillar Group President for Energy and Transport, to succeed Oberhelman as CEO. A 35 years veteran of the company, he will take up his functions on 1 January 2017. His career began in 1980 at Solar Turbines Incorporated, a subsidiary of Caterpillar specializing in industrial gas turbines. From 1984 to 1990 he lived in Asia and was appointed Caterpillar Vice President and President of Solar Turbines in 2010. He was appointed Group President and Member of Caterpillar’s Executive Office in January 2013.