Caterpillar announces new CEO

Caterpillar has confirmed that chairman and current CEO D. James Umpleby III will become executive chairman of the board effective 1 May 2025. Joseph E. Creed, currently chief operating officer, will succeed Umpleby as CEO and join the board of directors on the same date.

Umpleby has served as Caterpillar CEO since 1 January 2017. In 2024, Caterpillar achieved record full-year adjusted profit per share, which increased more than sixfold during Umpleby’s 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 honour those who came before us, establishing a culture of excellence serving our customers,” says Umpleby. “I have great confidence in my successor Joe Creed and the entire executive office to lead our global team.”

Creed joined Caterpillar in 1997. In 2013, he became chief financial officer for the energy & transportation segment and later vice president of the finance services division in 2017. He acted as interim chief financial officer in 2018, followed by appointments as 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. On 1 November 2023, he assumed the role of chief operating officer.

“For 100 years, our incredible people have been the foundation of Caterpillar’s success,” says 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.”

Debra L. Reed-Klages, who has served as a director since June 2015, will continue in her role as independent presiding director. She has held this position since June 2022.

“We are deeply grateful for Jim’s 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,” says Reed-Klages. “Joe’s 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’s global businesses. We are confident Joe will position Caterpillar for continued future success.”

Caterpillar reported sales and revenues of $64.8bn in 2024. In addition to marine engines and generator sets, the company manufactures construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. It operates through three segments: Construction Industries, Resource Industries and Energy & Transportation.