Caterpillar Inc.'s former Chairman and Chief Executive Officer, D. James Umpleby III, transitioned to the role of Executive Chairman of the Board on May 1. Umpleby had previously served as Chief Executive Officer for 8 years and had been with the company for nearly 45 years. Former Chief Operating Officer Joe Creed, who has 28 years of experience at Caterpillar, assumed the role of Chief Executive Officer and joined the Board of Directors on May 1.

Since becoming Chief Executive Officer on January 1, 2017, Umpleby led the development and implementation of a new strategy to drive long-term profitable growth, creating tremendous value for shareholders. In 2024, Caterpillar achieved record full-year adjusted earnings per share, an indicator that grew more than sixfold during Umpleby's tenure.

Umpleby said:

I am grateful to have spent my entire career working alongside Caterpillar's dedicated employees and dealer teams around the world. As we celebrate the company's 100th anniversary, we honor our predecessors, who established the culture of excellence in serving customers. I have full confidence in incoming Chief Executive Officer Joe Creed and the entire core executive team. They will lead our global team as Caterpillar embarks on its second century, continuing to help customers build a better, more sustainable world.

Creed joined Caterpillar in 1997 and advanced his career through roles in multiple divisions of the company. In 2013, he was promoted to Chief Financial Officer of the Energy & Transportation segment, and in 2017 he moved to Vice President of Caterpillar Financial Services. In 2018, he also served as interim Chief Financial Officer of Caterpillar, and subsequently served as Vice President of the Oil & Gas and Marine Division and of the Electric Power Division. In 2021, he was promoted again to Group President of Energy & Transportation. Effective November 1, 2023, Creed was appointed to the newly created role of Chief Operating Officer.

Creed said:

For 100 years, outstanding employees have always been the cornerstone of Caterpillar's success. I am proud to work alongside Caterpillar's exceptional employees and dealers to continue supporting customers across our diverse businesses: from disaster recovery and global infrastructure construction to the supply of critical minerals and reliable energy. I look forward to leading this outstanding team and carrying forward the company's legacy of excellence.

Debra L. Reed-Klages has served as a Director since June 2015 and as Lead Independent Director since June 2022. She continues to serve in this role.

Debra L. Reed-Klages said:

We are very grateful for Umpleby's leadership and appreciate the outstanding results he achieved during his tenure. His impact on customers, dealers, shareholders and employees will continue into the future. Creed's election as Chief Executive Officer is the result of the Board's multi-year succession plan. He is an excellent leader with extensive experience across Caterpillar's global businesses. We believe he will lead the company to continued success in the future.