Caterpillar CEO Jim Umpleby to become Executive Chairman; COO Joe Creed elected CEO effective May 1, 2025

CATERPILLAR INC

Joe Creed appointed CEO and board member; Jim Umpleby transitions to Executive Chairman, effective May 1, 2025.
Creed salary increased to $1.5M, target AIP 160% of salary, LTIP grant $5.5M (50% PSUs, 25% NQSOs, 25% RSUs).
Umpleby salary reduced to $1.2M, target AIP 125% of salary.
Umpleby led strategy driving over sixfold increase in adjusted profit per share during CEO tenure; 2024 record.
Succession follows multi-year board planning process; Debra Reed-Klages remains independent Presiding Director.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Joseph E. Creed

Chief Executive Officer

CAT · CATERPILLAR INC

Effective: 2025-05-01
Successor: D. James Umpleby III
Filed: April 15, 2025, 7:59 PM ET

On April 15, 2025, Caterpillar Inc. (the “Company”) announced that, on April 9, 2025, the Board of Directors (the “Board”) of the Company appointed Joseph E. Creed (49) as the Company’s Chief Executive Officer and as a member of the Board, effective May 1, 2025, succeeding D. James Umpleby III.

Role change

D. James Umpleby III

Executive Chairman of the Board

CAT · CATERPILLAR INC

Effective: 2025-05-01
Successor: Joseph E. Creed
Filed: April 15, 2025, 7:59 PM ET

Mr. Umpleby will continue to serve as Chief Executive Officer until May 1, 2025, at which point he will become Executive Chairman of the Board.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Joseph E. Creed was appointed as Chief Executive Officer at CATERPILLAR INC.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On April 15, 2025, Caterpillar Inc. (the “Company”) announced that, on April 9, 2025, the Board of Directors (the “Board”) of the Company appointed Joseph E. Creed (49) as the Company’s Chief Executive Officer and as a member of the Board, effective May 1, 2025, succeeding D. James Umpleby III.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

D. James Umpleby III changed role as Executive Chairman of the Board at CATERPILLAR INC.

Action: become
Role: Executive Chairman of the Board

Exact text from the filing

Mr. Umpleby will continue to serve as Chief Executive Officer until May 1, 2025, at which point he will become Executive Chairman of the Board.

View on SEC.gov

CATERPILLAR INC filing history →

Source: SEC EDGAR

accession 0001104659-25-034874

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