DEERFIELD, Ill., May 3, 2018 /PRNewswire/
-- Caterpillar Inc.'s (NYSE: CAT) board of directors
has appointed Steve Ferguson a vice
president of the company, effective June 1,
2018. He will lead the Industrial Power Systems Division
(IPSD), replacing Ramin Younessi,
who was recently promoted to group president of the Energy &
Transportation segment. IPSD consists of all engines 18 liters and
below, retail generators and Caterpillar Defense – spanning the
three globally recognized brands of Cat®, Perkins and FG
Wilson. Ferguson will report to Younessi.
"Steve has been delivering great results by driving lean and
flexible cost-competitive component manufacturing operations at
Caterpillar facilities around the world – experience that will be
an excellent fit for his new role leading IPSD," said Ramin Younessi, incoming group president of
Energy & Transportation. "Combined with his business and
finance background, focus on safety and quality, and ability to
connect with customers, Steve will provide exemplary leadership for
this exciting and diverse group."
Most recently, Ferguson has been general manager of
Caterpillar's Advanced Component Manufacturing business, overseeing
operations at 15 global facilities. He began his career with
Caterpillar as an accountant in 1990 and held positions of
increasing responsibility in both machine and engine divisions
including roles in pricing, business planning, financial analysis
and business resources. Ferguson was based in Singapore from 2011 to 2015, first as the
senior business resources manager for the Excavation Division and
then as chief financial officer for the Construction Industries
segment.
Ferguson holds a bachelor's degree from Eastern Illinois University and is a graduate of
the Advanced Executive Program at Northwestern
University's Kellogg School of Management.
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 2017 sales and revenues of $45.462 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 primary 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 including the impact of U.S. tax reform; (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.