IRVING, Tx. – Caterpillar announced on Tuesday that Chief Operating Officer Joe Creed will succeed Jim Umpleby as the company’s new CEO, effective May 1.
The announcement comes as the company celebrates its 100th anniversary at the CAT Visitors Center in Peoria.
Umpleby, who has been with CAT for more than 40 years, became the CEO in 2017. He was elected as chairman of Caterpillar’s board of directors in 2018.
Umpleby has seen significant growth while at the helm, with record full-year adjusted profit per share, which increased more than sixfold during his tenure as CEO.
“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 honor those who came before us, establishing a culture of excellence serving our customers,” said Umpleby. “I 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.”
Creed, who is taking over as CEO, has been with Caterpillar for 28 years, joining the company in 1997, serving in numerous positions with increasing responsibility.
“For 100 years, our incredible people have been the foundation of Caterpillar’s success,” said Creed. “I’m proud to work alongside our talented Caterpillar employees and dealers as we continue to support customers across our diverse businesses, from disaster recovery and building the world’s infrastructure to delivering critical minerals and reliable energy. I look forward to leading this amazing team as we build upon Caterpillar’s legacy of excellence.”
Caterpillar is set to release its first-quarter report next month.
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