Caterpillar Inc., Irving, Texas, on Tuesday announced its chairman and chief executive officer (CEO), D. James Umpleby III, will transition to executive chairman of the board effective May 1. He will be succeeded by the company's current chief operating officer (COO), Joseph E. Creed, who will become CEO and join the Board of directors May 1.
Umpleby has been CEO of Caterpillar Inc. since Jan. 1, 2017. He served as group president of Caterpillar from 2013 to 2016 with responsibility for Caterpillar’s energy & transportation segment and served as a Caterpillar vice president and president of solar turbines from 2010 to 2012. The board elected Umpleby chairman of the board in 2018.
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 (CFO) 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 CFO 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 COO.
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,” said Reed-Klages. “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.”
