Caterpillar Selects New Chief Executive Officer : Industry manufacturer Caterpillar has selected Jim Umpleby as the company’s new Chief Executive Officer (CEO).

Mr Umpleby will take up the role at the start of next year prior to the retirement of Doug Oberhelman, who is stepping down after 41 years with the company on 31 March 2017.

Mr Umpleby is currently a Caterpillar Group President with responsibility for Energy & Transportation and has been with the company for 35 years.

Upon Oberhelman’s retirement, Dave Calhoun, a current member of the Caterpillar Board, will assume the role of Non-Executive Chairman of the Board. Mr Calhoun is Senior Managing Director and Head of Private Equity Portfolio Operations of The Blackstone Group.

Speaking on his new role, Mr Umpleby said: “For more than 91 years, Caterpillar equipment has been renowned for its quality, durability, innovation and value.

“I have been privileged to work with Caterpillar employees and dealers in supporting our customers as they develop the world’s infrastructure and improve standards of living and quality of life. I look forward to leading our dedicated team as we build upon the accomplishments of those that have come before us.”