The Caterpillar company is preparing for a new Chief Executive Officer.
An announcement from the company Tuesday morning – the 100th anniversary of the company’s founding – said Chief Operating Officer Joseph Creed, a 28-year Caterpillar employee, will succeed outgoing CEO Jim Umpleby and join the board of directors on May 1.
Umpleby, who was CEO for eight years and at Caterpillar for almost 45 years, will become the new Executive Chairman of the Board. He was granted an extension on the company’s mandatory retirement age for leadership by the board of directors in 2022.
According to Caterpillar’s media release, Umpleby implemented a new strategy for long-term profitable growth when he took the helm in 2017. In 2024, Caterpillar achieved record full-year adjusted profit per share, which increased six times over during Umpleby’s run as CEO.
“I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career. As we celebrate our 100th anniversary, we honor those who came before us establishing a culture of excellence serving our customers.” said Umpleby in the company’s release.
“I 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.”
Prior to his role as COO, Creed was Chief Financial Officer for Caterpillar’s Energy & Transportation sector in 2013, then Vice President of Caterpillar’s Finance Services Division in 2017. Creed has also worked as Interim CFO, as well as in the Oil & Gas, Marine and Electric Power Divisions.
"For 100 years, our incredible people have been the foundation of Caterpillar’s success,” said Creed. “I'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’s legacy of excellence.”
Though Caterpillar’s global headquarters moved from Peoria to Deerfield years ago, and foreshadowed a further move to Texas, the company is still a significant employer and has an indelible mark on the city and region.
Peoria’s Quest Charter Academy was recently renamed after former CEO Glen Barton, and a different former CEO, Doug Oberhleman, is a public face for workforce development strategies for the region.
Creed assumes the top position at an uncertain time for the company and industry at large, as manufacturers navigate the economic landscape of changing tariffs.
Caterpillar’s first quarter report is expected next month.
