Caterpillar Announces Leadership Transition: CEO Change

Irving, Texas - Caterpillar Inc., a construction and mining machinery manufacturer, has revealed a major leadership transition, with Mr. Jim Umpleby, Chairman and CEO set to become the Executive Chairman of the Board, while Mr. Joe Creed, Chief Operating Officer (COO) has been elected as the company’s next CEO. The change will take effect on May 1, 2025.

D. James Umpleby III, after eight years as CEO and nearly 45 years with the company, will transition to Executive Chairman of the Board effective May 1. Joseph E. Creed, the company’s Chief Operating Officer and a 28-year Caterpillar veteran, will succeed Umpleby as CEO and join the Board of Directors.

During his tenure as CEO, starting in 2017, Umpleby spearheaded a strategy that resulted in long-term profitable growth and significant shareholder value. Under his leadership, Caterpillar achieved a record adjusted profit per share in 2024, marking a more than sixfold increase since he assumed the CEO role.

D. James Umpleby III, said, “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. 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.”

Joseph E. Creed joined Caterpillar in 1997 and has held various roles with increasing responsibility across multiple divisions. In 2013, he was promoted to Chief Financial Officer for Caterpillar's Energy & Transportation business segment, followed by a move to Vice President of the Finance Services Division in 2017. Creed also served as interim Chief Financial Officer in 2018. He later became Vice President of the Oil & Gas and Marine Division, as well as the Electric Power Division. In 2021, he was named Group President of Energy & Transportation. Most recently, on November 1, 2023, Creed was appointed to the newly created position of Chief Operating Officer.

Mr. Joseph E. Creed, said, "For 100 years, our incredible people have been the foundation of Caterpillar’s success. 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.”