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 on January 1, 2017, Umpleby led the development and execution of a new strategy for long-term profitable growth, creating significant shareholder value. In 2024, Caterpillar achieved record full-year adjusted profit per share, which increased more than sixfold during Umpleby鈥檚 tenure as CEO.
鈥淚鈥檓 grateful to have had the opportunity to work with Caterpillar鈥檚 dedicated global team of employees and dealers for my entire career. As we celebrate our 100th anniversary, we honor those who came before us establishing a culture of excellence serving our customers.鈥� said Umpleby. 聽鈥淚 have great confidence in my successor Joe Creed and the entire Executive Office to lead our global team as Caterpillar embarks upon our second century of helping our customers build a better, more sustainable world.鈥�
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鈥檚 Energy & Transportation business segment in 2013, then to Vice President of Caterpillar鈥檚 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 & Gas and Marine Division and the Electric Power Division. In 2021, he was promoted to Group President of Energy & Transportation. Effective November 1, 2023, Creed was appointed to the newly created position of Chief Operating Officer.
“For 100 years,聽our incredible聽people聽have been the foundation of Caterpillar鈥檚 success,鈥� said Creed. 鈥淚’m proud to work alongside our talented Caterpillar employees and dealers as we聽continue to聽support customers across our diverse businesses, from disaster recovery and building the world’s infrastructure to delivering critical minerals and reliable energy.聽I look forward to leading聽this amazing team聽as we build upon聽Caterpillar鈥檚聽legacy of excellence.鈥�
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. 鈥淲e are deeply grateful for Jim鈥檚 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,鈥� Reed-Klages said. 鈥淛oe鈥檚 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鈥檚 global businesses. We are confident Joe will position Caterpillar for continued future success.鈥�