Caterpillar’s CEO is stepping down after more than four decades with the Fortune 500 company.
On Monday, Caterpillar announced CEO Doug Oberhelman is retiring. Oberhelman, who was appointed CEO in 2010, will remain the executive chairman until March 31.
Cat says the board selected Jim Umpleby, the current group president of Responsibility for Energy and Transportation, to succeed Oberhelman. Umpleby, a 35-year veteran of the company, will become CEO effective January 1.