Caterpillar CEO Umpleby to step down, insider Joseph Creed named successor

In this article CAT Follow your favorite stocks CREATE FREE ACCOUNT Daniel Acker | Bloomberg | Getty Images Caterpillar 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. This story is developing. Please check back for updates.



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