Caterpillar (CAT) Announces Board of Directors Changes

Caterpillar Inc. (NYSE: CAT) is announcing the retirement of two long-time members of the board of directors, Juan Gallardo and William (Bill) Osborn. The company also announces the election of Cargill Board Chair and Chief Executive Officer (CEO) David MacLennan to the board. All changes were effective April 14, 2021.

Gallardo, 73, is the Chairman of Organización CULTIBA, S.A.B. de C.V. where he retired as CEO in 2016. He was elected to the Caterpillar board of directors in 1998. Gallardo served on Caterpillar's Public Policy and Governance Committee.

"Working alongside Juan has been a privilege," said Caterpillar Chairman and CEO Jim Umpleby. "His international business expertise and active engagement in trade-related issues have greatly benefited Caterpillar. On behalf of the entire board, I thank Juan for his exemplary service."

Osborn, 73, is the former Chairman and CEO of Northern Trust Corporation and The Northern Trust Company. He was elected to the Caterpillar board of directors in 2000. Osborn was most recently a member of the Audit Committee, which he chaired for many years. He also previously chaired the Compensation Committee.

"Bill's two decades of service to Caterpillar have proven invaluable," said Umpleby. "He leveraged his leadership experience to provide insightful guidance regarding strategy and governance. The Caterpillar board thanks Bill for his outstanding service."

MacLennan, 61, has been CEO of Cargill since 2013 and Board Chair since 2015. He began his Cargill career in 1991 and served in several positions of increasing responsibility before becoming Chief Financial Officer in 2008 and Chief Operating Officer in 2011. MacLennan serves on the boards of Ecolab, the Minnesota Business Partnership and the Board of Trustees of Amherst College.

"The Caterpillar board will benefit from Dave's leadership experience as CEO of Cargill, a global business with more than 155,000 employees in 70 countries. I look forward to serving with him," said Umpleby.

MacLennan joins 10 other members on Caterpillar's board of directors and will serve on the Audit Committee.

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