Corrected: Caterpillar CEO Jim Umpleby to take on chairman role

Updated: Fri, Dec 14, 2018
03:22 am
Reuters
RELATED NEWS
India to send over 100-strong delegation for WEF in Davos; Piyush Goyal, 3 state CMs among participants India to send over 100-strong delegation for WEF in Davos; Piyush Goyal, 3 state CMs among participants
World Economic Forum meet starts January 21; Zee Business to bring it all to you LIVE from Davos! World Economic Forum meet starts January 21; Zee Business to bring it all to you LIVE from Davos!
SBI Budget 2020 Expectations: State Bank of India roadmap for govt to keep fiscal deficit under control SBI Budget 2020 Expectations: State Bank of India roadmap for govt to keep fiscal deficit under control
UN projects India's growth rate at 5.7 per cent for 2019-20; To soar 6.6 pct in next year UN projects India's growth rate at 5.7 per cent for 2019-20; To soar 6.6 pct in next year

(The story corrects the date of Doug Oberhelman`s retirement in fourth paragraph)

Caterpillar Inc said on Thursday Chief Executive Officer Jim Umpleby would take on the additional role of chairman, effective immediately.

Umpleby, a member of the board and CEO since Jan. 1, 2017, is widely credited for pulling the company out of its longest downturn - from 2012 to 2016 - when sales dropped more than 40 percent.

Deerfield, Illinois-based Caterpillar, which boosted its full-year profit outlook twice in 2018, announced the closure of two facilities earlier this year and was also considering closing an engine plant that could eliminate 880 jobs.

Doug Oberhelman, the company`s last executive chairman, retired on March 31, 2017.

The industry bellwether also said on Thursday its November retail sales rose 16 percent worldwide, led by a jump in orders across all geographies, especially in North America and Asia Pacific.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)