Joe Creed Named CEO of Caterpillar, Successor to Umpleby May 1

Caterpillar Inc. announced that CEO Jim Umpleby will step down after eight years in the role and more than four decades with the company, transitioning to executive chairman effective May 1. Joseph Creed, the current Chief Operating Officer and a 28-year veteran of Caterpillar, will succeed Umpleby as CEO and join the board of directors. Creed has held numerous leadership positions within the company, including group president of Energy & Transportation and chief financial officer for various divisions. The leadership change coincides with Caterpillar's centennial and occurs as the company faces challenges from global economic uncertainty and trade tensions. Under Umpleby’s leadership, Caterpillar achieved record profits and implemented a region-for-region strategy to mitigate supply chain risks. Both leaders expressed pride in the company's workforce and commitment to supporting customers as Caterpillar enters its second century.