American equipment company Caterpillar has appointed Joseph E. Creed as the next CEO, effective May 1, 2025. He will succeed D. James Umpleby III, the current CEO, who will transition to the role of executive chairman on the same date. This decision was made by the board of directors, of which Joe will also be a member once his tenure begins.
Joe Creed, currently serving as the company’s chief operating officer, has been in Caterpillar for 28 years, since 1997. During his extensive career in the company, he has held various positions, such as Chief Financial Officer for the energy & transportation. He has also held the vice president position of the finance services division. His extensive experience heading different departments and a long career in Caterpillar make him the best pick for the CEO position.
In association with these leadership transitions, the Compensation and Human Resources Committee has sanctioned modifications to the remuneration packages for both Mr. Creed and Mr. Umpleby. It is noteworthy that Mr. Creed will not be entitled to additional compensation for his role as a director. This is the second appointment made by the company this month. Recently, the company appointed Christy Pambianchi as the new CHRO.
Creed shared his thoughts on the appointment and said, “For 100 years, our incredible people have been the foundation of Caterpillar’s success, I’m proud to work alongside our talented Caterpillar employees and dealers as we continue to support customers across our diverse businesses, from disaster recovery and building the world’s infrastructure to delivering critical minerals and reliable energy. I look forward to leading this amazing team as we build upon Caterpillar’s legacy of excellence.”