Caterpillar’s CEO is stepping down after more than four decades with the Fortune 500 company.
On Monday, Caterpillar announced CEO Doug Oberhelman is retiring. Oberhelman, who was appointed CEO in 2010, will remain the executive chairman until March 31.
Cat says the board selected Jim Umpleby, the current group president of Responsibility for Energy and Transportation, to succeed Oberhelman. Umpleby, a 35-year veteran of the company, will become CEO effective January 1.
During Oberhelman’s tenure as chairman and CEO, Caterpillar saw its highest sales and revenues peak in its 91-year history in 2012.
Fast-forward to 2016 -- the company has reported successive losses in profits and thousands of layoffs, amid a weakened global market in the mining industry.
Ed Rust, Presiding Director of the Caterpillar Board, called the decision "deliberate."
"I am certain Jim will continue the superb leadership, which is the hallmark of Caterpillar, in the years to come," Rust said. "I especially want to thank Doug for his strong and outstanding leadership of the company throughout his tenure, particularly in the last four years, when the global economic environment has created unprecedented challenges for Caterpillar."