Caterpillar Picks Joe Creed as New CEO; Umpleby Named Executive Chairman

On April 15, Caterpillar revealed that Joe Creed, the current Chief Operating Officer, will take over from Jim Umpleby as the CEO of the world’s largest construction equipment manufacturer. Umpleby, who has been with Caterpillar for 45 years, held the CEO and chairman positions for eight years. He will transition to the role of executive chairman starting May 1. Creed, aged 49, has been with the company for 28 years, serving in various roles with increasing responsibilities.

Umpleby became CEO on January 1, 2017, leading the company in developing and executing a new strategy for long-term growth and shareholder value. Caterpillar’s board waived the policy requiring Umpleby to retire at 65 in 2022 to allow more flexibility in CEO succession planning. Umpleby effectively managed the challenges of the Covid-19 pandemic, delivering record sales and revenues in 2023 and a record profit per share in 2024.

Umpleby expressed gratitude for the opportunity to work with Caterpillar’s global team and expressed confidence in Creed and the Executive Office to lead the company as it enters its second century. Creed, who joined Caterpillar in 1997, has held various leadership positions within the company. He holds a bachelor’s degree in accounting and serves on several organizations.

Debra L. Reed-Klages will continue as an independent Presiding Director on the Board. She acknowledged Umpleby’s leadership and expressed confidence in Creed’s ability to drive Caterpillar’s future success. Caterpillar is set to release its Q1 2025 earnings report on April 24, following a slight decline in revenue in 2024.