FOR IMMEDIATE RELEASE
Irving, Texas, April 15, 2025 – After eight years as CEO and nearly 45 years of service, Caterpillar Inc. (NYSE: CAT) Chairman and CEO D. James Umpleby III will become Executive Chairman of the Board effective May 1. Chief Operating Officer (COO) Joseph E. Creed, a 28-year Caterpillar veteran, will succeed him as CEO and join the Board of Directors May 1.
After assuming the role of CEO on January 1, 2017, Umpleby led the development and execution of a new strategy for long-term profitable growth, creating significant shareholder value. In 2024, Caterpillar achieved record full-year adjusted profit per share, which increased more than sixfold during Umpleby’s tenure as CEO.
“I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career. As we celebrate our 100th anniversary, we honor those who came before us establishing a culture of excellence serving our customers.” said Umpleby. “I have great confidence in my successor Joe Creed and the entire Executive Office to lead our global team as Caterpillar embarks upon our second century of helping our customers build a better, more sustainable world.”
Caterpillar Chairman and CEO Jim Umpleby will become Executive Chairman of the Board effective May 1. COO Joe Creed will succeed him as CEO.
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.
"For 100 years, our incredible people have been the foundation of Caterpillar’s success,” said Creed. “I'm proud to work alongside our talented Caterpillar employees and dealers as we continue to support customers across our diverse businesses, from disaster recovery and building the world's infrastructure to delivering critical minerals and reliable energy. I look forward to leading this amazing team as we build upon Caterpillar’s legacy of excellence.”
Debra L. Reed-Klages, who has served as a Director since June 2015, will remain on the Board as independent Presiding Director, a position she has held since June 2022.
“We are deeply grateful for Jim’s leadership and appreciate the outstanding results he achieved during his tenure. His impact on our customers, dealers, shareholders and employees will continue for years to come,” Reed-Klages said. “Joe’s selection as CEO is the result of a multi-year succession planning process by the Board of Directors. He is a proven leader with significant experience in Caterpillar’s global businesses. We are confident Joe will position Caterpillar for continued future success.”
About Caterpillar
With 2024 sales and revenues of $64.8 billion, Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For 100 years, we’ve been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.
