Caterpillar CEO Joe Creed to become chairman as Umpleby retires

Caterpillar Inc. (NYSE: CAT) announced that D. James Umpleby III will retire as Executive Chairman and board member effective April 1, 2026, after 45 years with the company including eight years as CEO. Current CEO Joseph E. Creed will assume the role of Chairman of the Board of Directors at that time.

Debra L. Reed-Klages, who has served as a director since June 2015 and independent presiding director since June 2022, will continue as lead independent director. The company stated this information in a press release.

Creed joined Caterpillar in 1997 and held various positions across multiple divisions, including Chief Operating Officer and Group President of Energy & Transportation. He was appointed CEO and became a board member on May 1, 2025.

Umpleby became CEO in 2017 and led the development of a strategy for long-term profitable growth. In May 2025, he transitioned to Executive Chairman to facilitate the leadership transition for both the CEO position and the board.

Caterpillar reported 2024 sales and revenues of $64.8 billion. The company manufactures construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. It operates through three primary segments: Construction Industries, Resource Industries and Power & Energy, with additional financing services through its Financial Products segment.

You May Also Be Interested In

• Valion Bio names board member Dean Zikria as interim CEO
• Fortitude Mining ups DCG credit facility to $50M, adds ZEC funding
• TransUnion CFO Todd Cello to step down after 29 years