DEERFIELD, Ill., Feb. 18, 2019 /PRNewswire/ -- Caterpillar
Inc. (NYSE: CAT) announced today several officer moves including
changes in responsibilities for three Executive Office members, new
roles for two current vice presidents and the appointment of two
new vice presidents. All changes are effective March 1.
"These organizational changes will facilitate the acceleration
of our strategy for continued profitable growth," said Caterpillar
Chairman and CEO Jim Umpleby.
Tom Pellette to become
Senior Vice President of Caterpillar
After four years as group president separately leading the
Construction Industries and Energy & Transportation segments,
Tom Pellette has elected to return
to San Diego, California for
family reasons. Pellette will serve as president of Solar Turbines,
a wholly owned subsidiary of Caterpillar and a global leader in the
design, manufacture and service of gas turbine systems and
compressors for the oil and gas and power generation industries. He
previously spent more than 20 years in the division. Pellette will
also serve as strategic advisor to the Caterpillar Executive
Office. For more on Pellette's background, read his bio here.
Ramin Younessi to move to
Group President of Construction Industries
Ramin Younessi, currently group
president of Energy & Transportation, will transition to lead
Construction Industries. Younessi, with more than 30 years of
leadership inside and outside of Caterpillar, will now have
responsibility of the company's Earthmoving, Excavation, Building
Construction Products, China Operations and Global Construction
& Infrastructure divisions, as well as Global Rental and Used
Equipment Services. Younessi's full bio can be found here.
Billy Ainsworth named Group
President of Energy & Transportation
Billy Ainsworth, current senior
vice president of the Caterpillar Rail Division and CEO of Progress
Rail, will now become the group president of the Energy &
Transportation segment. Since 2017, Ainsworth has served as
strategic advisor to the Caterpillar Executive Office in addition
to his responsibilities for the Rail Division.
"Billy's customer focus, entrepreneurial background and deep
aftermarket experience will continue to benefit the Energy &
Transportation business," said Umpleby.
To read more on Ainsworth's background, click here.
To better serve our customers, Caterpillar is separating the
current Global Power Systems Divisions into two new industry
focused divisions: Oil, Gas and Marine Division and Electric Power
Division. These two new divisions will be led by the following
Caterpillar vice presidents:
Joe Creed will lead new Oil,
Gas and Marine Division
Joe Creed, current vice president
of Caterpillar's Finance Services Division, will become the new
vice president of the Oil, Gas and Marine Division. He also most
recently served as interim Chief Financial Officer for the company.
Prior to his leadership in Caterpillar's finance functions, Creed
worked in the company's engine and machine businesses. Click here
to learn more about Creed.
Pablo Koziner will lead new
Electric Power Division
Pablo Koziner, current vice
president of Caterpillar and President of Solar Turbines, will
become the new vice president of the Electric Power Division. He
has nearly 20 years of experience in various roles around the
world, the last six as a vice president. Koziner's full bio is
here.
Marty Haycraft named Vice
President of Caterpillar Rail Division
Caterpillar's board of directors has appointed Marty Haycraft to succeed Ainsworth as vice
president of Caterpillar's Rail Division and CEO of Progress Rail.
Haycraft is currently the president of Progress Rail's global
operations where his primary responsibilities include overseeing
the company's rolling stock and infrastructure businesses.
Haycraft began his professional career in 1990 with Wheel
Corporation of America, where he worked as a production employee
and gained experience on freight car wheel set production and
freight car wheel set materials. He joined Progress Rail in 1993
when Corbin Railway Services purchased Steel Processing Services,
later to become Progress Rail. He rose through the company, holding
several operations, materials management and sales and marketing
management positions. Haycraft attended the University of Louisville in Kentucky and finished his accounting degree at
Phoenix University.
Kyle Epley named Vice
President of Finance Services Division
The company's board of directors has also appointed Kyle Epley as vice president of the Finance
Services Division. He currently serves as corporate controller
where he has responsibility for business analysis, competitive
analysis, economics, strategic planning and operating &
execution model governance.
Epley joined Caterpillar in 1996 and has held a series of
positions with growing responsibilities in accounting and finance,
including global assignments. Epley has a bachelor's degree in
accounting from Bradley University and
is a certified public accountant.
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 2018 sales and revenues of $54.722 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) international trade policies and their impact on demand for our
products and our competitive position, including the imposition of
new tariffs or changes in existing tariff rates; (vi) our ability
to develop, produce and market quality products that meet our
customers' needs; (vii) the impact of the highly competitive
environment in which we operate on our sales and pricing; (viii)
information technology security threats and computer crime; (ix)
additional restructuring costs or a failure to realize anticipated
savings or benefits from past or future cost reduction actions; (x)
failure to realize all of the anticipated benefits from initiatives
to increase our productivity, efficiency and cash flow and to
reduce costs; (xi) inventory management decisions and sourcing
practices of our dealers and our OEM customers; (xii) a failure to
realize, or a delay in realizing, all of the anticipated benefits
of our acquisitions, joint ventures or divestitures; (xiii) union
disputes or other employee relations issues; (xiv) adverse effects
of unexpected events including natural disasters; (xv) disruptions
or volatility in global financial markets limiting our sources of
liquidity or the liquidity of our customers, dealers and suppliers;
(xvi) 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; (xvii) our Financial Products segment's risks
associated with the financial services industry; (xviii) changes in
interest rates or market liquidity conditions; (xix) an increase in
delinquencies, repossessions or net losses of Cat Financial's
customers; (xx) currency fluctuations; (xxi) our or Cat Financial's
compliance with financial and other restrictive covenants in debt
agreements; (xxii) increased pension plan funding obligations;
(xxiii) alleged or actual violations of trade or anti-corruption
laws and regulations; (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.