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Caterpillar CEO to retire

By Wordpress Admin User Oct 17, 2016 | 10:11 AM

Caterpillar — Caterpillar saw record sales in 2012, but has seen a global downtown in construction in recent years. (Photo courtesy Facebook/Caterpillar)

By Eric Stock

PEORIA – Caterpillar CEO and executive chairman Doug Oberhelman has announced his retirement.

News partner WMBD reports Oberhelman will retire as CEO on Jan. 1 and will give up the executive chairman seat on March 31 after 41 years with the company.

D. James Umpleby III, who is currently a Caterpillar Group President, will take over as CEO. He has been with the company for 35 years.

The heavy equipment maker saw record sales in 2012 but a recent downturn in the construction industry worldwide prompted mass layoffs.

Eric Stock can be reached at eric.stock@cumulus.com.