Cat waives retirement policy to retain CEO
By Mike Hayes14 October 2022
Caterpillar’s board of directors has asked chairman and CEO Jim Umpleby to continue his leadership of the world’s largest construction equipment manufacturer when he turns 65 in February 2023.
The board voted in favour of waiving the company’s traditional policy, which would have required him to retire at 65.
Umpleby has agreed to continue at the helm of Caterpillar, giving the company stability through a challenging period and allowing the board time to find a suitable successor.
Debra Reed-Klages, presiding director, said, “Waiving the mandatory retirement policy for Jim provides the board greater flexibility with its CEO succession process.”
“Jim has provided strong strategic and operating leadership for the company, and we look forward to his continued leadership of the Caterpillar team.”
Caterpillar’s equipment sales in 2021 totalled $32 billion (€32.9 billion), making it the world’s largest manufacturer of construction and mining equipment, off-highway diesel and natural gas engines.