The chief executive of plant equipment manufacturer firm Caterpillar has announced he is to retire in the New Year after 41 years with the firm…
Caterpillar chief executive Doug Oberhelman is set to leave his position after over four decades with the firm.
The plant equipment manufacturer has previously enjoyed a healthy bottom line, seeing record profits under Oberhelman’s leadership in 2012, but more recently there has been a decline in sales.
Declining sales after healthy growth
The firm was forced to downgrade its outlook for the year in July after struggling through the longest ever decline in sales. This was due to problems in the mining and construction industries, which had a knock-on effect. It also saw a steep fall in Q2 profits and revenue, expecting to earn $3.55 a share this year.
Oberhelman, who became chief executive in 2010, will retire from the firm in January and will be replaced by Jim Umpleby. He also has had an extensive career with Caterpillar, having been with the Illinois-based firm for 35 years.
Dave Calhoun will become nonexecutive chairman of the board on 31 March.
In a statement, Oberhelman said: “Our people have heard me say many times that my greatest responsibility as chairman and CEO is to manage Caterpillar for today and position the company and its future leaders for long-term success.
“It has been an honour and a privilege to lead this company, and I am confident in the choice of my successor, Jim Umpleby.”