Caterpillar welcomes new chairman and CEO

IRVING, TEXAS. –  After eight years as CEO and nearly 45 years of service, Caterpillar Inc. chairman and CEO D. James Umpleby III will become executive chairman of the Board effective May 1. Chief operating officer (COO) Joseph E. Creed, a 28-year Caterpillar veteran, will succeed him as CEO and join the Board of Directors May 1.

After assuming the role of CEO in 2017, Umpleby led the development and execution of a new strategy for long-term profitable growth, creating significant shareholder value.

“I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career. As we celebrate our 100th anniversary, we honour those who came before us,” said Umpleby.  “I have great confidence in my successor, Joe Creed.”

Creed joined Caterpillar in 1997 and has held numerous positions of increasing responsibility across multiple divisions of Caterpillar. He was promoted to chief financial officer for Caterpillar’s Energy and Transportation business segment in 2013, then to vice president of Caterpillar’s Finance Services Division in 2017. Creed also served as interim chief financial officer for Caterpillar in 2018. He then became vice president of the Oil and Gas and Marine Division and the Electric Power Division. In 2021, he was promoted to group president of Energy and Transportation.

“I’m proud to work alongside our talented Caterpillar employees and dealers as we continue to support customers across our businesses. I look forward to leading this amazing team as we build upon Caterpillar’s legacy of excellence,” said Creed.

Debra L. Reed-Klages, who has served as a director since June 2015, will remain on the Board as independent presiding director, a position she has held since June 2022.

“We are deeply grateful for Jim’s leadership and appreciate the outstanding results he achieved during his tenure. His impact on our customers, dealers, shareholders and employees will continue for years to come,” Reed-Klages said. “Joe’s selection as CEO is the result of a multi-year succession planning process by the Board of Directors. He is a proven leader with significant experience in Caterpillar’s global businesses. We are confident Joe will position Caterpillar for continued future success.”