Caterpillar CEO Doug Oberhelman to retire
in 2017
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[October 18, 2016]
Oct 17 (Reuters) - Caterpillar Inc
said on Monday that chief executive Doug Oberhelman will retire in 2017
as the heavy equipment maker navigates a lengthy downturn its core
businesses and will be replaced with Jim Umpleby, a long-time company
insider.
As CEO, he will step down on Dec. 31. He will stay on as the board's
executive chairman until March 31.
His departure from Peoria, Illinois-based Caterpillar comes as a
commodity slump has hurt its customers in the mining and energy sectors.
In addition, construction equipment sales suffered setbacks as weak
crude prices sapped building demand in oil-rich countries.
To cut costs, Caterpillar since 2015 reduced global full-time and
flexible workforce by 13,900 to 100,000 employees, and said in July that
it planned additional reductions.
The heavy machinery maker also lowered its full-year forecast in July
amid continued sluggish demand in mining and other industries.
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Under Oberhelman the company recorded its highest ever sales and revenue
in 2012, before its slump began.
"During the last four years, Caterpillar has faced unprecedented global
economic conditions that have significantly impacted the industries
served by our customers," Oberhelman said in a statement. "
Jim Umpleby is a 35-year veteran of Caterpillar. He currently serves as
group president for energy and transportation and will succeed
Oberhelman as CEO from Jan. 1, the company said.
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![](../images/101816pics/news_a3.jpg)
Doug Oberhelman visits the Ernest Hemingway Museum before a news
conference in Havana, Cuba, May 11, 2016, REUTERS/Alexandre
Meneghini
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Umpleby will also join the board of directors.
Oberhelman, who became CEO in 2010, will retire after 41 years with
the company.
Upon Oberhelman's retirement, board member Dave Calhoun will become
non-executive chairman, Caterpillar said.
In early trading on the New York Stock Exchange, Caterpillar shares
were down 0.3 percent to $87.39. (Reporting by Nick Carey in Detroit
and Ankit Ajmera in Bengaluru; Editing by Anil D'Silva and W Simon)
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