Caterpillar CEO Doug Oberhelman to Retire in 2017

October 18, 2016

2 Min Read
Caterpillar CEO Doug Oberhelman to Retire in 2017
Outgoing Caterpillar Chairman and CEO Doug Oberhelman. Image courtesy of Caterpillar Inc.

Chief executive officer and chairman of Caterpillar Inc. Doug Oberhelman will retire at the end of March 2017 after 41 years of working with the Peoria, IL-based company.

“During his time has Chairman and CEO, Oberhelman has reinvigorated the company’s focus on serving customers while also driving a culture of quality and safety. Oberhelman led the company to its highest sales and revenue peak in its 91-year history in 2012, and, since that time, has successfully led the company through the unprecedented downturn affecting our key industries,” remarked a company press release Monday.

Over the course of Oberhelman’s time at Caterpillar, the company said product quality has improved to “historically high levels,” 7300 patents were granted to the company, and Caterpillar raised its quarterly dividend by 83% from 2010 on.

Caterpillar named Jim Umpleby, Caterpillar Group President in charge of Energy & Transportation, as Oberhelman’s successor as CEO with an effective date of Jan. 1, 2017. The incoming CEO has worked with Caterpillar for 35 years in a variety of positions. He was named Group President and a member of the company’s executive office in Jan. 2013.

“During the last four years, Caterpillar has faced unprecedented global economic conditions that have significantly impacted the industries served by our customers, as those industries and economic growth in many regions around the world have slowed or severely contracted. Faced with these challenges, our employees have responded like champions,” said Oberhelman, the outgoing CEO, in a statement. “We have improved our market position and grown our field population. Our product quality is at historically high levels, and I believe we are leading the industry in digital capabilities. I am confident that Caterpillar is stronger than ever.”

Oberhelman will retain his post as Caterpillar’s executive chairman until March 31, 2017, when current board member Dave Calhoun takes over the role.

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