Caterpillar (NYSE:CAT) said on Tuesday that CEO Jim Umpleby will step down and take on the role of executive chairman, with the machinery maker naming insider and current Chief Operating Officer Joseph Creed as his successor.
The CEO transition, effective May 1, at the industrial bellwether comes as Caterpillar braces for a global trade war and an economic slowdown.
Umpleby, who has been with Caterpillar for more than 40 years, served at the helm for the last eight, guiding the firm through a demand and supply chain downturn brought on by the COVID-19 pandemic.
Umpleby will hand over the reins to 49-year old Creed, who has worked at Caterpillar for 28 years and has been in various leadership roles.
Creed joined Caterpillar in 1997 and has held numerous positions of increasing responsibility across multiple divisions of Caterpillar. He was promoted to Chief Financial Officer for Caterpillar’s Energy & Transportation business segment in 2013, then to Vice President of Caterpillar’s Finance Services Division in 2017. Creed also served as interim Chief Financial Officer for Caterpillar in 2018.
He then became 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. Effective November 1, 2023, Creed was appointed to the newly created position of Chief Operating Officer.
CAT shares began Tuesday up $1.63 to $299.75.