Caterpillar CEO Doug Oberhelman to retire after 41-year career


Santiago: Caterpillar Inc. chief executive officer Doug Oberhelman will retire next year after a more than 41-year career with the world’s largest maker of construction and mining equipment.

Oberhelman, who will step down on 31 March, led the company to record sales in 2012 and since then has been guiding the company through a global commodities downturn. The Peoria, Illinois-based company announced his retirement in a statement Monday.

The company’s board elected Jim Umpleby, currently a Caterpillar group president with responsibility for energy and transportation, to succeed Oberhelman as CEO. Umpleby, a 35-year veteran of the company, will join the board and become CEO effective 1 January.

Dave Calhoun will assume the role of non-executive chairman. Calhoun is senior managing director and head of private equity portfolio operations of The Blackstone Group Lp.