Caterpillar chief Jim Umpleby granted a reprieve from mandatory retirement age requirement
Caterpillar is keeping current CEO and board chairman Jim Umpleby on the job past the company's mandatory retirement age for its leadership.
The company's board of director's voted to waive the policy to allow Umpleby to continue beyond his 65th birthday next February, a shift from Caterpillar's longtime stance.
In a statement, the company's board of directors say waiving the mandatory retirement policy will allow "greater flexibility" in its CEO succession process.
Umpleby's three immediate predecessors Doug Oberhelman, Jim Owens, and Glen Barton all stepped down at age 64.
The company announced earlier this year it would move its world headquarters from Chicago to Irving, Texas.