DEERFIELD, Ill., Oct. 20, 2020 /PRNewswire/ -- Caterpillar Inc.
(NYSE: CAT) announced today changes to its Executive Office with
the retirements of Group Presidents William
(Billy) P. Ainsworth and Ramin
Younessi at year-end 2020, and appointments of Joseph (Joe) E. Creed and Anthony (Tony) D. Fassino, effective
January 1, 2021.
William (Billy) P. Ainsworth
and Joseph (Joe) E. Creed
Ainsworth is currently the group president of the Energy &
Transportation (E&T) segment, which includes the Rail Division,
Solar Turbines, Large Power Systems Division, Industrial Power
Systems Division, Electric Power Division (EPD)
and Caterpillar Oil & Gas and Marine Division
(COGMD).
"Billy brought valuable external perspective to Caterpillar with
his entrepreneurial background, broad business experience and
customer focus," said Caterpillar Chairman and CEO Jim Umpleby. "His exemplary leadership in
growing services will leave a legacy that will benefit the company
for years to come. We thank him for his significant contributions
to Caterpillar's success and wish him a long and happy
retirement."
Ainsworth joined the company as a vice president in 2006 when
Caterpillar Inc. acquired his company, Progress Rail Services. In
2017, he became a senior vice president and strategic advisor to
the Executive Office, in addition to his responsibilities for the
Rail Division. He was appointed group president of E&T in 2019.
To read more on Ainsworth's background, including his career before
joining Caterpillar, click here.
The board of directors has appointed Creed as the new group
president of E&T. Creed is currently vice president of the
Caterpillar Oil & Gas and Marine and Electric Power
Divisions.
"Joe's extensive financial expertise across our engine and
machine businesses combined with his recent role leading our oil
& gas, marine and electric power divisions position him well to
lead E&T, grow services and contribute to our customers'
continued success," said Umpleby.
Creed joined Caterpillar in 1997 and has held numerous
accounting and finance positions of increasing responsibility
across multiple divisions of Caterpillar. He was promoted to vice
president of Caterpillar's Finance Services Division in 2017,
served as interim Chief Financial Officer in 2018 and became
vice president of COGMD in 2019. He assumed EPD responsibility in
2020. For more details on Creed's background, click here.
Ramin Younessi and
Anthony (Tony) D. Fassino
Younessi is currently the group president of Construction
Industries (CI), which includes the Earthmoving, Excavation,
Building Construction Products (BCP), China Operations, Global
Construction & Infrastructure and Strategic Procurement
Divisions, as well as Global Rental and Used Equipment
Services.
"Ramin successfully leveraged his extensive global business
experience in the commercial vehicle and engine industries to help
us improve Caterpillar's competitive and flexible cost structure,"
said Umpleby. "His engineering and supply chain expertise has had a
positive impact on the enterprise. We will miss his energy and
enthusiasm and wish him well in his retirement."
Younessi joined Caterpillar in 2013 after serving in several
executive and senior leadership positions with Daimler AG and
Navistar Inc. Prior to his appointment as group president, Younessi
was vice president of Caterpillar's Industrial Power Systems
Division. He was appointed group president of Caterpillar's E&T
segment in 2018, and in 2019 he became group president of CI. To
read his full bio, click here.
Caterpillar's board of directors appointed Fassino to succeed
Younessi as group president of CI. He is currently vice president
of the Building Construction Products Division.
"Tony's strong product knowledge, commitment to operational
excellence and experience working with Caterpillar's dealer network
make him ideally suited to lead our CI segment," said Umpleby. "He
will focus on accelerating services growth while making our
customers more successful."
After joining Caterpillar in 1996, Fassino held a variety of
positions around the world, including several sales and technical
field assignments in the U.S. and Canada as well as the new product introduction
manager for excavators in Japan.
He led the Eastern U.S. Region Distribution Services team and
served as director of Caterpillar Worldwide Forest Products before
becoming the vice president of BCP in 2018. To read more of his
bio, click here.
About Caterpillar
Since 1925, Caterpillar Inc. has been helping our customers build a
better world – making sustainable progress possible and driving
positive change on every continent. With 2019 sales and revenues of
$53.8 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. Services offered throughout the
product life cycle, cutting-edge technology and decades of product
expertise set Caterpillar apart, providing exceptional value to
help our customers succeed. The company principally operates
through three primary segments – Construction Industries, Resource
Industries and Energy & Transportation – and provides financing
and related services through its Financial Products segment. For
more information, visit caterpillar.com. To connect on social
media, visit caterpillar.com/social-media.
Forward-Looking Statements
Certain statements in this presentation 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," "forecast," "target," "guide," "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)
inventory management decisions and sourcing practices of our
dealers and our OEM customers; (x) a failure to realize, or a delay
in realizing, all of the anticipated benefits of our acquisitions,
joint ventures or divestitures; (xi) union disputes or other
employee relations issues; (xii) adverse effects of unexpected
events; (xiii) disruptions or volatility in global financial
markets limiting our sources of liquidity or the liquidity of our
customers, dealers and suppliers; (xiv) 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; (xv) our
Financial Products segment's risks associated with the financial
services industry; (xvi) changes in interest rates or market
liquidity conditions; (xvii) an increase in delinquencies,
repossessions or net losses of Cat Financial's customers;
(xviii) currency fluctuations; (xix) our or
Cat Financial's compliance with financial and other
restrictive covenants in debt agreements; (xx) increased pension
plan funding obligations; (xxi) alleged or actual violations of
trade or anti-corruption laws and regulations; (xxii) additional
tax expense or exposure, including the impact of U.S. tax reform;
(xxiii) significant legal proceedings, claims, lawsuits or
government investigations; (xxiv) new regulations or changes in
financial services regulations; (xxv) compliance with environmental
laws and regulations; (xxvi) the duration and geographic spread of,
business disruptions caused by, and the overall global economic
impact of, the COVID-19 pandemic; and (xxvii) 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.