Caterpillar CEO Leaves Heir to Finish Navigating Downturn
- Company veteran Jim Umpleby to succeed Oberhelman as CEO
- Dave Calhoun will assume role of non-executive chairman
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Caterpillar Inc.’s Doug Oberhelman will retire after 41 years at the largest maker of construction and mining equipment, leaving his replacement to finish the job of steering through a commodities slump.
The 63-year-old will be replaced as chief executive officer on Jan. 1 by company veteran Jim Umpleby, who is currently a group president for energy and transportation, the Peoria, Illinois-based company said in a statement Monday. The shares fell 0.4 percent.