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Caterpillar has announced a major leadership transition, with Chief Operating Officer Joe Creed set to take over as Chief Executive Officer, effective May 1. He will succeed Jim Umpleby, who will assume the role of Executive Chairman of the Board after serving eight years as CEO and nearly 45 years with the company.

Joe Creed expressed his enthusiasm for the new role, highlighting the legacy and strength of the company鈥檚 global workforce. 鈥淔or 100 years, our incredible people have been the foundation of Caterpillar鈥檚 success,鈥� said Creed. 鈥淚'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鈥檚 legacy of excellence.鈥�

Under Umpleby鈥檚 leadership, Caterpillar implemented a new strategy focused on long-term profitable growth. His tenure saw significant achievements, including a record full-year adjusted profit per share in 2024, which increased more than sixfold since he became CEO in 2017.

鈥淚 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,鈥� said Umpleby.

The leadership transition marks a new chapter as Caterpillar continues to drive innovation and growth into its next century.