PEORIA, Ill., June 28, 2017 /PRNewswire/ -- Caterpillar Inc.
(NYSE: CAT) today announced Doug
Hoerr, vice president of the Material Handling &
Underground Division (MH&U), has elected to retire from the
company. Caterpillar's board of directors has appointed a new vice
president, and the company is also announcing new responsibilities
for three current vice presidents.
Doug Hoerr Retirement
After 24 years of service to the company, Doug Hoerr, Caterpillar vice president of
MH&U, has elected to retire from Caterpillar.
"For more than 20 years of his career with Caterpillar, Doug
worked in a wide range of accounting and finance roles with
increasing levels of responsibility and global scope," said
Jim Umpleby, Caterpillar CEO. "In
2012, Doug was named group CFO for Customer & Dealer Support, a
position he held until being named a Caterpillar vice president in
2015."
In his role as CFO for Customer & Dealer Support, Hoerr was
instrumental in coordinating key elements of the Across the Table
initiative, which drove improved performance and alignment between
Caterpillar and the worldwide dealer network. Most recently within
MH&U, Hoerr led the execution of Caterpillar's Operating &
Execution Model resulting in restructuring of the MH&U
operational footprint as well as the product portfolio.
Hoerr joined Caterpillar in 1993 after working for the
accounting firm of McGladrey, where he gained experience in
auditing and corporate tax. Within Caterpillar, he held numerous
positions of increasing responsibility in accounting, business
analysis and business resources in Customer Services Support, Parts
Distribution, Integrated Manufacturing, Finance Services Division,
Large Engine Products & Fuel System Division, Corporate
Services Division and Large Power Systems Division. In 2012, he was
named group CFO for Customer & Dealer Support. On January 1, 2015, Hoerr became a Caterpillar vice
president. His retirement is effective August 1, 2017.
New responsibilities for Tom
Bluth, Jean Savage and
Karl Weiss
Caterpillar is
also announcing changes in responsibilities for current Caterpillar
vice presidents Tom Bluth,
Jean Savage and Karl Weiss. These changes will be effective
August 1, 2017.
Bluth, who was first named a vice president in 2007 and is
currently vice president of the Surface Mining & Technology
Division (SM&T), will become Caterpillar's Chief Technology
Officer (CTO) and the vice president of the Innovation &
Technology Development Division (ITDD).
Since joining Caterpillar in 1995, Bluth has held numerous
positions, including corporate attorney in the Legal Services
Division, industry manager in the Latin America Commercial
Division, district manager in the North America Commercial
Division, worldwide medium wheel loader product manager and
president and managing director of Caterpillar France. In 2007, the
Caterpillar board of directors named Bluth vice president of Asia
Pacific Operations and two years later, Bluth was named vice
president of the Earthmoving Division. In 2013, Bluth moved to vice
president of the Mining Products Division and three years later,
Bluth's responsibilities were expanded to include leadership for
mining sales and support as the vice president of SM&T. Bluth
graduated with an electrical engineering degree from Iowa State University, a law degree from
Northwestern University and an MBA from
the University of Chicago.
Savage, who was first named a Caterpillar vice president in 2014
and is currently Caterpillar's CTO and the vice president of ITDD,
will become the vice president of SM&T.
Savage was formerly senior vice president and Chief Operating
Officer of the Locomotive and Railcar Services business unit for
Caterpillar subsidiary Progress Rail Services (PRS). Savage joined
PRS in 2002 as vice president for Quality and Continuous
Improvement. She also served as vice president of PRS' Freight Car
Repair, Parts and Quality Divisions before her most recent
position. Prior to joining PRS, she worked in a variety of
manufacturing and engineering positions in her 14 years at Parker
Hannifin Corporation, a leader in motion and control technologies
and systems. That was preceded by nine years in the Army Reserves
as a military intelligence officer. Savage has an electrical and
computer engineering degree from the University of Cincinnati and a master's degree in
engineering management from the University of
Dayton.
In 2013, Weiss was named a Caterpillar vice president for the
Earthmoving Division, the position he still holds today. Weiss will
become the vice president of MH&U, replacing Hoerr.
Since joining Caterpillar in 1992, Weiss has had various
assignments within product development at Caterpillar's
Decatur, Joliet and Aurora,
Illinois, facilities, primarily focused on large machine
structural design. Weiss subsequently transferred to Geneva, Switzerland, with Caterpillar Global
Mining as an equipment management consultant serving mining
customers and dealers in Europe
and Africa. He then became the
large wheel loader new product introduction manager in Aurora. Weiss then moved to Beijing, China, for four years where he served
as the wheel loader product manager for the Asia Pacific Region. He
then was named the worldwide product manager for medium wheel
loaders in Aurora before being
named Earthmoving vice president in 2013. Weiss graduated from
Purdue University with a degree in
agricultural engineering and an MBA from Northern Illinois University.
Frederic Istas Appointed Vice President of the Earthmoving
Division
Caterpillar's board of directors has appointed
Frederic Istas, currently
aftermarket solutions global manager for Caterpillar's Global
Aftermarket Solutions Division, to the position of vice president
of the Earthmoving Division.
"Building on his more than 20 years with Caterpillar, Frederic
brings strong product management leadership experience from
previous roles in the United
States and Europe, as well
as product support and marketing experience to this role," Umpleby
said.
Istas joined Caterpillar in 1996 as part of the Europe, Africa & Middle
East (EAME) Marketing Division, based in Geneva, Switzerland. He held roles as a 6
Sigma black belt and master black belt. In 2004, Istas was named
district manager for the EAME Marketing Division in Geneva. From 2008-11, he was a global process
owner in the Global Revenue Management Group based in Peoria. He then was named a regional product
manager for the Excavation Division based in Europe. Istas has a degree in electromechanics
from Industriele Hogeschool, Gent, Flanders, Belgium. Istas will begin his new role
August 1, 2017.
About Caterpillar
For more than 90 years, Caterpillar
Inc. has been making sustainable progress possible and driving
positive change on every continent. Customers turn to Caterpillar
to help them develop infrastructure, energy and natural resource
assets. With 2016 sales and revenues of $38.537 billion, Caterpillar is the world's
leading manufacturer of construction and mining equipment, diesel
and natural gas engines, industrial gas turbines and
diesel-electric locomotives. The company principally operates
through its three product segments - Construction Industries,
Resource Industries and Energy & Transportation - and also
provides financing and related services through its Financial
Products segment. For more information, visit caterpillar.com. To
connect with us on social media, visit
caterpillar.com/social-media.
Forward-looking Statements
Certain statements in this
press release relate to future events and expectations and are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as "believe,"
"estimate," "will be," "will," "would," "expect," "anticipate,"
"plan," "project," "intend," "could," "should" or other similar
words or expressions often identify forward-looking statements. All
statements other than statements of historical fact are
forward-looking statements, including, without limitation,
statements regarding our outlook, projections, forecasts or trend
descriptions. These statements do not guarantee future performance
and speak only as of the date they are made, and we do not
undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those
described or implied in our forward-looking statements based on a
number of factors, including, but not limited to: (i) global and
regional economic conditions and economic conditions in the
industries we serve; (ii) commodity price changes, material price
increases, fluctuations in demand for our products or significant
shortages of material; (iii) government monetary or fiscal
policies; (iv) political and economic risks, commercial instability
and events beyond our control in the countries in which we operate;
(v) our ability to develop, produce and market quality products
that meet our customers' needs; (vi) the impact of the highly
competitive environment in which we operate on our sales and
pricing; (vii) information technology security threats and computer
crime; (viii) additional restructuring costs or a failure to
realize anticipated savings or benefits from past or future cost
reduction actions; (ix) failure to realize all of the anticipated
benefits from initiatives to increase our productivity, efficiency
and cash flow and to reduce costs; (x) inventory management
decisions and sourcing practices of our dealers and our OEM
customers; (xi) a failure to realize, or a delay in realizing, all
of the anticipated benefits of our acquisitions, joint ventures or
divestitures; (xii) union disputes or other employee relations
issues; (xiii) adverse effects of unexpected events including
natural disasters; (xiv) disruptions or volatility in global
financial markets limiting our sources of liquidity or the
liquidity of our customers, dealers and suppliers; (xv) failure to
maintain our credit ratings and potential resulting increases to
our cost of borrowing and adverse effects on our cost of funds,
liquidity, competitive position and access to capital markets;
(xvi) our Financial Products segment's risks associated with the
financial services industry; (xvii) changes in interest rates or
market liquidity conditions; (xviii) an increase in delinquencies,
repossessions or net losses of Cat Financial's customers; (xix)
currency fluctuations; (xx) our or Cat Financial's compliance with
financial and other restrictive covenants in debt agreements; (xxi)
increased pension plan funding obligations; (xxii) alleged or
actual violations of trade or anti-corruption laws and regulations;
(xxiii) international trade policies and their impact on demand for
our products and our competitive position; (xxiv) additional tax
expense or exposure; (xxv) significant legal proceedings, claims,
lawsuits or government investigations; (xxvi) new regulations or
changes in financial services regulations; (xxvii) compliance with
environmental laws and regulations; and (xxviii) other factors
described in more detail in Caterpillar's Forms 10-Q, 10-K and
other filings with the Securities and Exchange Commission.
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SOURCE Caterpillar Inc.