Caterpillar Announces Officer Retirement
PEORIA, Ill., Dec. 13, 2013
PEORIA, Ill., Dec. 13, 2013 /PRNewswire/ --Caterpillar Inc. (NYSE: CAT) today
announced the retirement of Vice President Hans Haefeli and the appointment of
a new vice president, Jean Savage, who will replace Haefeli.
Hans Haefeli Retirement
After more than 15 years with Caterpillar, Hans Haefeli, vice president with
responsibility for the Advanced Components & Systems Division (ACSD), has
elected to retire to return to the United Kingdom. Haefeli's retirement will
be effective April 30, 2014.
"Hans came to Caterpillar building on a successful career in which he
developed and demonstrated deep expertise in finance and accounting in the
United Kingdom—a background that has served him well in both the engine and
machine component units he led at Caterpillar," said Steve Wunning,
Caterpillar group president with responsibility for Resource Industries. "Hans
has also provided outstanding executive leadership these past few years during
the development and deployment of the company's connected worksite and
telematics strategy. He has always been exceptional in leading his team and
working across the enterprise with his collaborative and engaging leadership."
Beginning in 1982, Haefeli worked his way up through positions at UK
accounting firms, then held leadership positions, including Finance Director,
at British-based building materials company, Hanson PLC.
Haefeli joined Caterpillar in 1998 where he held numerous positions of
increasing responsibility at the company's wholly owned subsidiary, Perkins
Engine Company Limited in England, before leadership positions in Compact
Power Systems and Building Construction Products Divisions. Haefeli became a
Caterpillar vice president in 2004, leading the Industrial Power Systems
Division before his current role in ACSD. Haefeli has bachelor's and
postgraduate (Certification in the Theory of Accounting – CTA) degrees in
accounting from the University of Cape Town.
Jean SavageAppointed Vice President
Following the announcement of Haefeli's retirement, Caterpillar's Board of
Directors appointed Jean Savage as vice president with responsibility for the
Advanced Components & Systems Division. Savage is currently a senior vice
president and Chief Operating Officer of the Locomotive and Railcar Services
business unit for Caterpillar subsidiary Progress Rail Services (PRS).
"Jean joined Progress Rail Services in 2002, bringing with her more than 20
years of outside business and military leadership experience," said Wunning.
"In addition to her deep expertise in the rail business, her significant
background in component manufacturing and engineering will serve her well as
she leads ACSD."
Savage joined Progress Rail Services in 2002 as vice president for Qualityand
Continuous Improvement. She also served as vice president of PRS' Freight Car
Repair, Parts and Quality Divisions before her most recent position. Prior to
joining PRS, she worked in a variety of manufacturing and engineering
positions in her 14 years at Parker Hannifin Corporation, a leader in motion
and control technologies and systems. That was preceded by nine years in the
Army Reserves as a military intelligence officer. Savage has a bachelor's
degree in electrical and computer engineering from the University of
Cincinnati and a master's degree in engineering management from the University
of Dayton. She will assume her new position effective April 1, 2014.
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.
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.
Contact: Rachel Potts, Global Government & Corporate Affairs, 309-675-6892,
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