Caterpillar Announces Retirements of Long-Time Officers; Appointments and Changes in Responsibilities for Vice Presidents Will Drive Company Strategy PR Newswire PEORIA, Ill., Aug. 20, 2013 PEORIA, Ill., Aug. 20, 2013 /PRNewswire/ --Caterpillar Inc. (NYSE: CAT) today announced that three long-time vice presidents, Steve Fisher, Steve Larson and Bill Rohner, have elected to retire. Choosing from a mix of veteran company leaders and executives with outside expertise and experience, the Board of Directors of the company has appointed four new vice presidents, and the company is also changing responsibilities for other vice presidents. These moves align with Caterpillar's strategy and will add to the depth of Caterpillar's executive leadership ranks. Steve Fisher Retirement After more than 35 years with Caterpillar, Steve Fisher, vice president of the Large Power Systems & Growth Markets Division, has elected to retire. Fisher's retirement will be effective February 1, 2014. "Steve Fisher's legacy at Caterpillar is the integral part he played in growing and diversifying our remanufacturing business, including his leadership in acquiring Progress Rail Services, which preceded the acquisition of EMD, placing Caterpillar in a unique position to serve the rail industry with a broad range of locomotives and services," said Jim Umpleby, Caterpillar group president with responsibility for Energy & Power Systems. "Steve also provided outstanding executive leadership as Caterpillar integrated Bucyrus International, the largest acquisition in Caterpillar's history." Fisher joined Caterpillar in 1978 as an accounting trainee. He held numerous accounting and cost management positions, serving as a business resource manager and cost and business analysis services manager. He was instrumental in mergers and acquisitions activity and in the development of the company's internal strategic consulting business while in corporate accounting. He joined the remanufacturing products group as general manager in 2001. Fisher became a Caterpillar vice president in 2006. Fisher has a bachelor's degree in accounting from Bradley University and is a certified public accountant. Steve Larson Retirement After more than 34 years with Caterpillar, Steve Larson, vice president of the Parts Distribution & Diversified Products Division, has elected to retire. Larson's retirement will be effective February 1, 2014. "Steve will be remembered for his thoughtful leadership within Caterpillar and his strong customer focus during a diverse 34-year career that included leadership positions in finance, as a product manager, a district and regional manager and finally for the last nine years as a senior executive and leader that helped to transform our logistics business," said Stu Levenick, Caterpillar group president with responsibility for Customer & Dealer Support. "Steve played a critical role in the successful divestiture of a majority interest in Caterpillar Logistics Services in 2012, and over the last several years, he has guided the build out, modernization and expansion of the Cat® parts distribution network including the opening of four new facilities in the United States, as well as new facilities in Australia, Dubai and Mexico." Larson joined Caterpillar in 1979 and held a series of positions with growing responsibilities in the areas of accounting, finance and marketing. In 1995 he was named a product/marketing manager in North America Commercial Division, and later held positions as a district manager, product manager for large track-type tractors and regional manager. In 2003, he moved to Singapore to become a vice president of Caterpillar Financial Services Corporation. In 2007, the Caterpillar Board of Directors appointed Larson a vice president with responsibility for the Logistics Division. Larson holds a bachelor's degree in business and an MBA from Western Illinois University. Bill Rohner Retirement After more than 41 years with Caterpillar, Bill Rohner, vice president of the Electric Power Division, has elected to retire. Rohner's retirement will be effective February 1, 2014. "During his remarkable 41 year career with Caterpillar that included postings in Brazil, Japan and a variety of locations in the United States, Bill developed deep expertise in manufacturing and business operations, culminating in his appointment as the first Caterpillar vice president for the Electric Power Division," Umpleby said. "In 10 years leading our Electric Power Division, Bill has successfully grown the scope of this business while adjusting to the increasingly competitive environment and positioning the business to compete and win electric power customers in growth markets. Bill also played a critical role in the acquisition and integration of the MWM engine business into Caterpillar." Rohner began his Caterpillar career in 1972 and held a number of manufacturing, accounting, business analysis and technical services positions with increasing levels of responsibility. In 1995, he became operations manager for the remanufacturing facility in Corinth, Miss. He moved to Japan in 1996 as managing director of Shin Caterpillar Mitsubishi, Ltd., returning to the United States in 1998 for leadership positions in the Track-Type Tractors Division and Transmission Business Unit. In 2000, he became managing director of Caterpillar Brasil Ltd., and in 2004, he was appointed vice president of the Electric Power Division. He holds a bachelor's degree in industrial engineering from Iowa State University and an executive MBA from the University of Illinois. New Responsibilities for Vice Presidents Tana Utley, Steve Gosselin and Bill Finerty Tana Utley, currently vice president of the Industrial Power Systems & Growth Markets Division, will replace Steve Fisher as vice president, Large Power Systems & Growth Markets Division. Utley's move to the new position is effective October 1, 2013. In conjunction with this leadership change, Caterpillar is also announcing a realignment of parts of its reciprocating engine business to better align engine products with global customer requirements. As a result, the Large Power Systems & Growth Markets led by Utley will be accountable for all Caterpillar and Perkins brand engines above 18 liters. Utley was first appointed a Caterpillar vice president in 2007, when she was named chief technology officer and vice president of the Technology & Solutions Division. Utley joined Caterpillar in 1986 as a junior engineer. Over the next 15 years, she held a variety of engineering and management positions with increasing responsibilities throughout the company. In 2004, Utley was named to lead the Electronic & Electrical Systems business unit in Caterpillar's Motion & Power Control Division. She also served as the director of Engine Design, Large Engine Products & Fuel Systems Division. Utley holds a bachelor's degree in mechanical engineering from Bradley University and a master's degree in management from the Massachusetts Institute of Technology, where she was a Sloan Fellow. Concurrent with the announcement of Steve Larson's retirement, Caterpillar is announcing a strategic realignment of the Parts Distribution & Diversified Products Division and the Customer Services Support Division. As part of this realignment, Caterpillar's Parts Distribution business will be integrated into the Customer Services Support Division, which is led by Vice President Steve Gosselin. The Customer Services Support Division is focused on aggressively growing Caterpillar's parts and product support. The division develops and supports deployment of parts and service products, processes and programs for our dealers, enabling them to deliver unmatched product support. Including Caterpillar Parts Distribution this division will form a single global parts organization that will allow a seamless Caterpillar focus on supporting customer requirements for product support. Since joining Caterpillar in 1979 as a parts and service sales trainee, Gosselin has held numerous positions in the product support, machine and engine businesses. In 1994, he was named area manager, based in London, responsible for the machinery business in the Northwest quadrant of Europe. From 1998 to 2000, Gosselin served as the North American Distribution Manager for the Engine Products Division. He was named Regional Manager for the North America Commercial Division (NACD) in 2000. In 2002, he was elected a vice president with responsibility for NACD with accountability for the company's North American dealer development and machine marketing. In 2006, he was named president of Solar Turbines Incorporated, and in 2010, he assumed his current role with the company. Bill Finerty, currently vice president of Americas Distribution Services Division, will assume responsibilities for the newly realigned Diversified Products Division, which includes Caterpillar's global paving products, forestry products, defense and federal products, OEM Solutions group, Cat Tunneling,and theindustrial and waste group. In addition, Caterpillar's on-highway truck group will move from the Customer Services Support Division to become part of the Diversified Products Division. The changes for the Diversified Products Division and the Customer Services Support Division will be effective October 1, 2013. Finerty joined Caterpillar in 1984 in the marketing training program as a sales development technician. He then held a series of positions in the United States and Europe with growing responsibilities in the areas of marketing, finance and mining. In 2005, he was named a regional manager for the Americas Distribution Services Division. He was appointed Caterpillar vice president with responsibility for the Americas Distribution Services Division in 2011. Finerty has a bachelor's degree in accounting from Southern Illinois University. Ramin Younessi Appointed Vice President of Industrial Power Systems & Growth Markets Division Following the announcement that Tana Utley will replace the retiring Steve Fisher as vice president of Caterpillar's Large Power Systems & Growth Markets Division, Caterpillar's Board of Directors has appointed Ramin Younessi to replace Utley as vice president with responsibility for the Industrial Power Systems & Growth Markets Division. In conjunction with this leadership change, Caterpillar is also announcing a realignment of parts of its reciprocating engine business to better align engine products with global customer requirements. As a result, the Industrial Power Systems & Growth Markets Division to be led by Younessi will be accountable for all Caterpillar and Perkins brand engines 18 liters and below. Consistent with this change, several facilities that have been part of Caterpillar's Large Power Systems & Growth Markets Division will move to become part of the Industrial Power Systems & Growth Markets Division. "Ramin brings more than two decades of outside senior leadership experience to Caterpillar, with previous executive responsibility for global truck and engine engineering, quality, purchasing, advance technology and product planning with Navistar, and executive leadership positions in product development and planning for Daimler AG's commercial vehicle division," said Umpleby. "His global experience and perspective, as well as his strong track record for product development for developing markets will be a great addition to Caterpillar." Younessi most recently spent six years as a group vice president with Navistar. Prior to joining Navistar in 2007, he held a number of senior leadership and executive positions in the United States and Germany with the commercial vehicle division of Daimler AG. Younessi has a bachelor's degree in electrical engineering from the Rochester Institute of Technology and master's degrees in engineering from Syracuse University and the University of Maryland. Younessi will assume his new position effective October 1, 2013. Pablo Koziner Appointed Vice President of Americas Distribution Services Division Following the announcement that Bill Finerty will assume responsibilities for the newly realigned Diversified Products Division, Caterpillar's Board of Directors has appointed Pablo Koziner, currently east region manager in the Americas Distribution Services Division, as vice president of the Americas Distribution Services Division. "Since joining Caterpillar 12 years ago, Pablo has consistently delivered results while tackling new and more complex assignments," said Levenick. "In both Latin America and North America, Pablo has established a strong commercial track record with our dealers, and more importantly, has developed a level of trust with those dealers that position him well to take on this new roll." Kozinerjoined Caterpillar's Legal Services Division in 2001 after working for two law firms in New York City. He was promoted twice within the Legal Services Division before moving to a new role in 2005 as a power systems sales manager for Latin America. He then held a series of sales and marketing positions with increasing responsibilities in Mexico and Chile. In 2009, Koziner was named district manager for Caterpillar's Latin America Commercial Division, based in Santiago, Chile. He was promoted to his current role in 2011. Koziner has a bachelor's degree in political science and a law degree from Boston College. Koziner will assume his new position effective October 1, 2013. Steve Niehaus Appointed Vice President of Electric Power Division Following the announcement of Bill Rohner's retirement, Caterpillar's Board of Directors has appointed Steve Niehaus to replace Rohner as vice president with responsibility for the Electric Power Division. Niehaus is currently the retail general manager for the Electric Power Division. "Steve brings extensive global expertise to this position, having previously served in jobs in Caterpillar's engine and electric power businesses in Brazil, Singapore, Saudi Arabia and the United States," Umpleby said. "Steve has a proven track record running large parts of the electric power business for Caterpillar in the last several years where he has become known for his values-based leadership style." Niehaus joined Caterpillar in 1989 following a career with Iowa Southern Utilities. During the first 15 years of his career with Caterpillar, Niehaus held a series of engine sales, marketing and business development positions with increasing responsibilities, working on four continents. In 2006 he was promoted to commercial manager for the Electric Power Division. Prior to his current position, Niehaus was also the product manager for the Cat Branded Product Group within the Electric Power Division, and he served as the business development manager for the Caterpillar Power Generation Systems group. Niehaus has a bachelor's degree in business administration from the University of Iowa. Niehaus will assume his new position effective October 1, 2013. Mike DeWalt Appointed Vice President of Strategic Services Division To improve the strategic planning process across the company, Caterpillar's Board of Directors has appointed Mike DeWalt, currently corporate controller, as vice president of the newly created Strategic Services Division. The Strategic Services Division includes strategic planning, Mergers & Acquisitions (M&A), investor relations, economics, business risk management and competitive analysis. The Strategic Services Division will lead the strategic planning process – from underlying economics to development of corporate strategy with Caterpillar's Executive Office, to linking the company's strategy to Caterpillar's business units, through the implementation of growth strategies that involve M&A, and communication of strategy and execution to Caterpillar's shareholders. "In a career spanning 32 years with Caterpillar, Mike has developed a reputation as one of the company's most respected strategic thinkers with a deep and broad understanding of all of Caterpillar's businesses. He also has built deep expertise within our accounting and financial operations, which will serve the company and its shareholders well as he assumes this new strategic role," said Brad Halverson, Caterpillar group president and Chief Financial Officer. DeWalt joined Caterpillar in 1981 as an accountant. Over the next 15 years, he held a series of positions with increasing responsibilities in the accounting and budgeting and forecasting functions. In 1996, DeWalt was named a senior vice president of Finance and Planning for F.G. Wilson, based in Northern Ireland, and in 1998 became the finance director for the Perkins Engine Company in Peterborough, UK. In 2004, DeWalt was named director of strategic investments, leading Caterpillar's corporate mergers and acquisitions group. In 2005, he was named director of investor relations for Caterpillar and in 2012 was named corporate controller. DeWalt has a bachelor's degree in accounting from Illinois State University. DeWalt will assume his new position effective October 1, 2013. Jill Daugherty Appointed Corporate Controller Following the announcement that Mike DeWalt has beenappointed vice president of the Strategic Services Division, Caterpillar's Board of Directors has appointed Jill Daugherty, currently group chief financial officer, Energy & Power Systems Division, as corporate controller. In this role, Daugherty will have responsibility for corporate accounting, forecasting and enterprise cost and business analysis. "Jill brings deep accounting expertise and a breadth of Caterpillar experience in previous positions she has held in the United States, Europe and Asia," said Julie Lagacy, vice president of the Finance Services Division. Daugherty joined Caterpillar as an intern in 1990. Upon graduating from Purdue University with a bachelor's degree in accounting, she was hired as a production accounting clerk. Over the next 10 years, she held a series of positions with increasing responsibility in accounting and business support. In 2002, she was named controller for the Engine Division. She was previously the corporate consolidation manager based in Peoria, Ill., business support manager for Asia based in Singapore, business resource manager in Gosselies, Belgium, and group CFO in Geneva, Switzerland. In addition to her bachelor's degree from Purdue, Daugherty has a master's degree in business administration from Indiana Wesleyan University. She is a certified public accountant. Daugherty will assume her new position effective October 1, 2013. About Caterpillar: For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2012 sales and revenues of $65.875 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services and Progress Rail Services. More information is available at: http://www.caterpillar.com. Forward-Looking Statements Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and we do not undertake to update our forward-looking statements. 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 economic conditions and economic conditions in the industries and markets we serve; (ii)government monetary or fiscal policies and infrastructure spending; (iii)commodity or component price increases, fluctuations in demand for our products, or limited availability of raw materials and component products, including steel; (iv)our and our customers', dealers' and suppliers' ability to access and manage liquidity; (v)political and economic risks and instability, including national or international conflicts and civil unrest; (vi)our and Cat Financial's ability to: maintain credit ratings, avoid material increases in borrowing costs, and access capital markets; (vii)the financial condition and credit worthiness of Cat Financial's customers; (viii) changes in interest rates or market liquidity; (ix) changes in financial services regulation; (x) inability to realize expected benefits from acquisitions, including ERA Mining Machinery Limited, and divestitures, including the divestiture of the Bucyrus International, Inc. distribution business to our independent dealers; (xi)international trade and investment policies; (xii)market acceptance of our products and services; (xiii)changes in the competitive environment, including market share, pricing and geographic and product mix of sales; (xiv) successful implementation of capacity expansion projects, cost reduction initiatives and efficiency or productivity initiatives, including the Caterpillar Production System; (xv)inventory management decisions and sourcing practices of our dealers or original equipment manufacturers; (xvi)compliance with environmental laws and regulations; (xvii)alleged or actual violations of trade or anti-corruption laws and regulations; (xviii)additional tax expense or exposure; (xix)currency fluctuations; (xx)our or Cat Financial's compliance with financial covenants; (xxi)increased pension plan funding obligations; (xxii)union disputes or other labor matters; (xxiii) significant legal proceedings, claims, lawsuits or investigations; (xxiv)compliance requirements imposed if carbon emissions legislation and/or regulations are adopted; (xxv)changes in accounting standards; (xxvi)failure or breach of information technology security; (xxvii)adverse effects of natural disasters; and (xxviii)other factors described in more detail under "Item 1A. Risk Factors" in our Form10-K filed with the SEC on February19, 2013 for the year ended December31, 2012. This filing is available on our website at www.caterpillar.com/secfilings. SOURCE Caterpillar Inc. Website: http://www.caterpillar.com Contact: Jim Dugan, Global Government & Corporate Affairs, 309-494-4100, email@example.com
Caterpillar Announces Retirements of Long-Time Officers; Appointments and Changes in Responsibilities for Vice Presidents Will
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