(RTTNews) - Caterpillar Inc. (CAT), a manufacturer and seller of construction and mining equipment, on Wednesday announced that Chief Executive Officer Joseph Creed will assume the role of chairman of the board on April 1.
James Umpleby III will retire as executive chairman and as a member of the board of directors effective April 1, after 45 years with the company, including eight years as chief executive officer.
As part of the leadership transition, Debra Reed-Klages will continue to serve as lead independent director.
Creed joined the company in 1997 and was appointed CEO and a board member on May 1, 2025.
On Tuesday, the Caterpillar had closed at $623.09, 1.13% cents higher on the New York Stock Exchange. In the after-market hours, the stock traded 0.30 cents higher before ending the trade at $624.99.
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