CATERPILLAR SAYS FORMER CHAIRMAN, CEO GEORGE SCHAEFER HAS DIED

(The following is a reformatted version of a statement issued by
Caterpillar Inc., and received via electronic mail. The release
was confirmed by the sender.) 
Caterpillar Statement on the Death of Former Chairman and CEO,
George Schaefer 
The Caterpillar family mourns the death of former Caterpillar
Chairman and CEO, George Schaefer, who died this morning in
Peoria at the age of 84. Schaefer served as Chairman and CEO
from 1985 until 1990. He retired from Caterpillar following a
distinguished 39 year career. 
“George Schaefer will be remembered as one of the great leaders
in Caterpillar’s history. He pushed the company to move away
from a centralized model to its current business unit structure
during the late 1980s, a significant and difficult decision that
positioned Caterpillar for the remarkable growth and success
that has followed,” said Caterpillar Chairman and CEO Doug
Oberhelman. “Under George’s leadership, we invested more than a
$1 billion in the mid 1980s on Caterpillar’s Plant With a Future
Program, and he was also responsible for the decision in 1986 to
change the company’s name from Caterpillar Tractor Co. to
Caterpillar Inc., retaining our heritage, but also recognizing
that we had become much more than just a tractor company,’
Oberhelman added. 
Born in Covington, Kentucky in 1928, Schaefer received a
Bachelor of Science degree from Saint Louis University in 1951.
He joined Caterpillar that same year, initially working as a
trainee in the accounting department. He held a series of
accounting and auditing positions before being named chief
accountant in 1960. In 1968, he was named a corporate accounting
division manager, and in 1973, he became the general manager of
Caterpillar’s manufacturing facility in Decatur, Illinois. In
1976, he was elected a vice president with administrative
responsibilities for the company’s financial and data processing
groups. Schaefer was elected an executive vice president in
1981, a director in 1983, vice chairman in 1984 and he became
chairman and chief executive officer in 1985. 
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