Caterpillar announced April 15 that Chief Operating Officer Joe Creed will succeed Jim Umpleby as CEO of the world's largest construction equipment manufacturer.
Umpleby, 67, a 45-year Caterpillar veteran, held the post as CEO and chairman of the board for eight years. He will move to the role of executive chairman effective May 1.
Caterpillar’s next CEO, Joe Creed, 49, is also a company veteran, having spent 28 years at the company in numerous positions of increasing responsibility.
Umpleby assumed the role of CEO on January 1, 2017, leading the development and execution of a new strategy for long-term profitable growth to create shareholder value.
In 2022, Caterpillar’s board of directors waived a policy requiring Umpleby to retire at age 65 to give the company greater flexibility with its CEO succession process.
Umpleby successfully navigated the supply chain disruptions of the Covid-19 pandemic to deliver a record full-year sales and revenues in 2023 and a record full-year adjusted profit per share in 2024. Adjusted profit per share increased more than sixfold during Umpleby’s tenure as CEO, according to Caterpillar.
Commenting on the transition, Umpleby 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.”
Creed joined Caterpillar in 1997 and has served across multiple divisions of Caterpillar. He was promoted to Chief Financial Officer for Caterpillar’s Energy & Transportation business segment in 2013, then to Vice President of Caterpillar’s Finance Services Division in 2017. He served as interim Chief Financial Officer for Caterpillar in 2018 before becoming Vice President of the Oil & Gas and Marine Division and the Electric Power Division. In 2021, he was promoted to Group President of Energy & Transportation. Since November 1, 2023, Creed has served as Chief Operating Officer, a newly created position reporting to Umpleby.
He is a graduate of Western Illinois University with a bachelor's degree in accounting and is a certified public accountant. Creed serves on the Western Illinois University President's National Advisory Council, is an executive board member of the Caterpillar Foundation, and is the executive sponsor of the Caterpillar Employee Resource Group known as ADEPT (Abled and Disabled Employees Partnering Together).
"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.”
Debra L. Reed-Klages, who has served as a Director since June 2015, will remain on the Board as independent Presiding Director. She has held the position since June 2022.
“We are deeply grateful for Jim’s leadership and appreciate the outstanding results he achieved during his tenure. His impact on our customers, dealers, shareholders and employees will continue for years to come,” Reed-Klages said. “Joe’s selection as CEO is the result of a multi-year succession planning process by the Board of Directors. He is a proven leader with significant experience in Caterpillar’s global businesses. We are confident Joe will position Caterpillar for continued future success.”
Cat is slated to deliver its Q1 2025 earnings report on April 24. The company’s nearly $65 billion in 2024 revenue represented a 3% year-over-year decline, driven partly by a $3.5 billion drop in sales volume. Cat is forecasting a slight decline in sales again in 2025.
