25.10.2009

CAT selects next CEO

Oberhelman, 56, is currently group president with responsibility for the CAT’s engine and gas turbine businesses, human services, rail services and remanufacturing divisions.
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Douglas R. Oberhelman

As vice chairman and chief executive elect, Oberhelman will take on the additional responsibilities of managing the leadership transition and updating the company’s strategy.

He will formally take over the new position on July 1st succeeding James W. Owens, 63. who will remain as chairman through October 31st, 2010, when he will retire in accordance with the company’s mandatory retirement policy Oberhelman then ass the chairman’s role.
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James W. Owens

Oberhelman joined Caterpillar in 1975 in the corporate treasury department and has held a variety of positions, including senior finance representative in South America, region finance and district manager for the company’s North American Commercial Division and managing director at Shin Caterpillar Mitsubishi in Tokyo.

In 1995 he was appointed chief financial officer, becoming vice president for the Engine Products Division in 1998. He moved to group president and member of Caterpillar’s executive office in 2002 since when he has had responsibility for the company’s Asia Pacific region as well as Cat’s financial products and strategic support divisions. He also was responsible for the legal services and systems and processes divisions prior to moving to his current position.

Owens said: “Doug has gained a broad understanding of Caterpillar’s business through his diverse background, which has ranged from
serving as our Chief Financial Officer, to focusing on operational excellence in Cat’s engine manufacturing operations, to leading marketing efforts in the Americas. Doug’s expertise in all critical facets of our business, combined with his international business
experience in Asia and Latin America, and his relentless focus on execution and results make him uniquely qualified to lead Caterpillar in today’s global economy.

Oberhelman added: “Jim has been instrumental in redefining Caterpillar and putting in place a strategy to achieve the company’s Vision 2020. This highly focused strategic plan has resulted in a clear vision for the company and laid the foundation for Caterpillar’s outstanding performance to date in these very difficult economic times. I am truly honoured to follow him as chairman and chief executive and to lead one of the most dedicated and talented groups of employees in our industry.