Caterpillar stung by global economic funk
PEORIA, Ill. (AP) — Caterpillar's third-quarter profit was essentially cut in half with the global economy stuck in a funk, and the company said that it expects that malaise to extend into next year.
The construction and mining equipment maker lowered its outlook for the year and shares of Caterpillar slipped almost 2 percent in midday trading Tuesday.
Falling commodity prices on the farm, in the mines, and in the oil patch have forced a deep reduction in equipment spending.
Incoming Caterpillar CEO brings 3 decades of experience
PEORIA, Ill. (AP) — Caterpillar Inc. officials say the company's new CEO is bringing experience in the global markets and an understanding and respect for the company's place in central Illinois.
The Journal Star reports (http://bit.ly/2etsuj4 ) that the construction and mining equipment company announced Monday that Jim Umpleby will replace Doug Oberhelman as CEO on Jan. 1. Oberhelman will retire March 31.
Caterpillar CEO to retire next year
NEW YORK (AP) — Caterpillar said Monday that CEO and Chairman Doug Oberhelman will retire from the company next year and will be replaced as CEO by Jim Umpleby, an executive who has worked at the construction and mining equipment company for more than three decades.
Umpleby, who is 58 years old, will become CEO on Jan. 1. Umpleby is currently the president of Caterpillar's energy and transportation group.