Caterpillar CEO to continue in post after company waives retirement policy
Reuters
Published Oct 13, 2022 04:29PM ET
Updated Oct 13, 2022 06:15PM ET
By Bianca Flowers
(Reuters) -Caterpillar Inc said on Thursday its board had waived the policy requiring Chairman and Chief Executive Officer Jim Umpleby to retire at age 65.
Caterpillar (NYSE:CAT) follows Target Corp (NYSE:TGT), which last month scrapped its retirement policy so that CEO Brian Cornell can stay at the retailer's helm.
Umpleby, 64, assumed the role as Caterpillar's chief executive in 2017, helping the heavy machinery-maker expand offerings across its construction and mining business segments, according to Caterpillar's website.
"Waiving the mandatory retirement policy for Jim provides the Board with greater flexibility with its CEO succession process," Debra Reed-Klages, presiding director for the Board, said in a statement.
Umpleby joined Solar Turbines, a Caterpillar subsidiary, in 1980, and has been with the company for 40 years. Umpleby said he will continue leading the company after he turns 65 in February 2023.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.