Caterpillar waives retirement policy to keep CEO Jim Umpleby on board
By Mike HayesOctober 18, 2022
In the interest of maintaining stability during challenging economic times, Caterpillar has waived its retirement policy and asked chairman and CEO Jim Umpleby to stay on after he turns 65 in February, 2023.
The board of directors for the world’s largest construction equipment manufacturer voted in favor 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, providing continuity of leadership 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, making it the world’s largest manufacturer of construction and mining equipment, off-highway diesel and natural gas engines.
Earlier this year, Caterpillar announced it will move its global headquarters out of the state of Illinois to its existing office in Irving, TX.
Currently located in Deerfield, IL, the company’s headquarters were in Peoria, IL until its move to the Chicago suburb in 2018. The company has been based in Illinois since its inception as Caterpillar Tractor Company in 1925.
The transition was reported to begin before the end of 2022.