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.”
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