DEERFIELD, Ill., May 4, 2018 /PRNewswire/ -- Following an
extensive global search, Caterpillar Inc. (NYSE: CAT) announced
today its board of directors has appointed Andrew Bonfield as chief financial officer (CFO)
effective September 1, 2018. Bonfield
will succeed Brad Halverson, whose
retirement became effective May 4,
2018.
Bonfield brings more than three decades of financial expertise
to the role, most recently serving as Group CFO and board member of
National Grid plc, a British multinational electricity and gas
utility company.
"Andrew's global financial experience across a variety of
industries will serve Caterpillar and our stakeholders well," said
CEO Jim Umpleby. "We look forward to
him joining our executive office."
Prior to Bonfield's eight years at National Grid, he was CFO at
British confectionary company Cadbury plc. From 2002 to 2008, he
was executive vice president and CFO of Bristol-Myers Squibb
Company, an American pharmaceutical company. Bonfield's other
experience includes the role of finance director of BG Group plc
and CFO of Smithkline Beecham plc. Since 2010, he has been a
non-executive director and chair of the audit committee of British
retailer, Kingfisher plc. Bonfield also chairs the 100 Group, which
represents finance directors of the top 100 U.K. companies listed
on the London Stock Exchange. Bonfield is a chartered accountant
who holds a bachelor's degree from the University of Natal in
Durban, South Africa.
Finance Services Division Vice President Joe Creed Named
Interim CFO
Effective immediately, the board of directors
has appointed Finance Services Division (FSD) Vice President
Joe Creed as interim CFO, a role he
will assume in addition to his vice president duties.
"Joe's experience as vice president of the Financial Services
Division makes him well suited to serve as interim CFO. He will
bring the necessary leadership and continuity to this important
transition," said Umpleby.
Creed joined Caterpillar in 1997 and has held numerous positions
of increasing responsibility within Corporate Accounting, the
Track-Type Tractors Division and Large Power Systems Division,
where he served as senior business resource manager. He then served
as chief financial officer for the Energy & Transportation
segment prior to becoming FSD vice president in 2017. Creed is a
certified public accountant and holds a bachelor's degree from
Western Illinois University.
Once Bonfield joins Caterpillar, Creed will continue serving in
his capacity as FSD Vice President.
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.