Peoria, Ill.-based equipment maker Caterpillar Inc. announced on Oct. 17 that CEO and Chairman Doug Oberhelman will retire from the company in March 2017. He has been with the firm for 41 years, and was appointed to his current roles in 2010.
Succeeding him on Jan. 1 as CEO will be 35-year corporate veteran Jim Umpleby, Caterpillar group president for energy and transportation, the company said. In addition, the firm has named a board member as non-executive chairman, the first time since 1990 that the CEO and chairman titles were not held by the same person.