Caterpillar Chairman and CEO Doug Oberhelman announced on Monday that he will retire in 2017. Oberhelman has spent more than 41 years with the company.
“Our people have heard me say many times that my greatest responsibility as Chairman and CEO is to manage Caterpillar for today and position the company and its future leaders for long-term success,” Oberhelman said in a statement Monday. “It has been an honor and a privilege to lead this company, and I am confident in the choice of my successor, Jim Umpleby.”
Umpleby, 57, who has worked with the company for 35 years, will join the board and become CEO on Jan 1. The company also said Dave Calhoun will become non-executive chairman of the board.Oberhelman, 63, will remain the executive chariman until March 31.
Caterpillar’s stock was trading slightly lower in early trade Monday. The stock is up 29 percent year to date.