Caterpillar names Joe Creed as next CEO; Jim Umpleby to become executive chairman
(UI) — Caterpillar Inc. has appointed Chief Operating Officer Joseph E. Creed as its next CEO, effective May 1, succeeding Chairman and CEO D. James Umpleby III. Umpleby will transition to the role of executive chairman after nearly 45 years at the company, including eight as CEO.
Creed, a 28-year veteran of the company, will also join Caterpillar’s board of directors on May 1.
Umpleby became CEO in 2017 and led the execution of a long-term strategy focused on profitable growth. Under his leadership, Caterpillar achieved record adjusted profit per share in 2024, increasing more than sixfold during his tenure.
“I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career,” Umpleby said. “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.”
Creed joined Caterpillar in 1997 and has held leadership roles across the company’s financial, energy, and power divisions. In 2023, he was named chief operating officer.
"I'm proud to work alongside our talented Caterpillar employees and dealers as we continue to support customers across our diverse businesses,” Creed said. “I look forward to leading this amazing team as we build upon Caterpillar’s legacy of excellence.”
Debra L. Reed-Klages, who has served on the board since 2015 and as independent presiding director since 2022, praised Umpleby’s leadership and affirmed the board’s confidence in Creed.
“Joe’s selection as CEO is the result of a multi-year succession planning process by the Board of Directors,” she said. “He is a proven leader with significant experience in Caterpillar’s global businesses.”
Related News
From Archive
- Fatal trench collapse halts sewer construction in Massachusetts; two workers hospitalized
- Alaska LNG pipeline could require 7,000 workers at peak construction, developers say
- Ohio trench collapse kills one worker, injures two during pipe installation
- Elon Musk's Boring Co. fined for dumping drilling waste into Vegas sewer system
- $1.4 billion Midwest pipeline expansion to move more Canadian oil to U.S. Gulf
- Glenfarne Alaska LNG targets late-2026 construction start for 807-mile pipeline project
- Fatal trench collapse halts sewer construction in Massachusetts; two workers hospitalized
- Massive water line failure leaves majority of Waterbury without service
- Infrastructure failure releases 100,000 gallons of wastewater in Houston; repairs ongoing
- Pennsylvania American Water launches interactive map to identify, replace lead water service lines
Comments