Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8K CEO ELECTION - CATERPILLAR INC | form8ka_droceo.htm |
EXHIBIT
99.1
 |
News
|
June 9,
2010
Caterpillar
contact:
Jim
Dugan
Corporate Public
Affairs
309-494-4100
dugan_jim@cat.com
FOR
IMMEDIATE RELEASE
Doug Oberhelman
Elected Chief Executive Officer and Caterpillar Board Member;
Jim Owens Steps Down as CEO,
Remains Chairman
Through October 31
PEORIA, Ill. – Following a previously
announced succession plan, the
Board of Directors of Caterpillar Inc. (NYSE: CAT) has elected Doug Oberhelman Chief
Executive Officer (CEO) and a member of Caterpillar’s Board of Directors,
effective July 1. Oberhelman succeeds Jim Owens as CEO, while Owens
will remain Chairman of the Board until October 31, when he will retire after
more than 38 years with the company. At that time, Oberhelman will
replace Owens as Chairman.
“One of the great strengths
of Caterpillar is the depth of highly experienced executives who have risen
within the company’s ranks, allowing for a smooth transition of leadership,
which supports the company’s long-term strategy and year-to-year planning
process,” said W. Frank
Blount, presiding
director and
chairman of the
Governance Committee of Caterpillar’s Board of Directors.
Since becoming
Chairman and CEO in 2004, Owens successfully led Caterpillar through
unprecedented growth from 2005 through 2008, followed by the global economic
recession of 2009. During his tenure, employee safety and engagement
scores improved dramatically. Owens also introduced Caterpillar’s Vision 2020
strategy; implemented the Caterpillar Production System; championed both key
capacity expansion projects and mergers and acquisitions; and invested heavily
in key research and development initiatives. Owens has also been a leading
voice promoting global issues such as the importance of free trade and,
in 2009, was named a member of President Barack Obama’s Economic Recovery
Advisory Board.
“Jim Owens
has provided outstanding leadership for Caterpillar over the last six plus
years, positioning the company for continued growth and leadership in the
industries it serves,” Blount added.
For the last six months,
Oberhelman has been
leading a team updating
the company’s Vision 2020 strategy, which was first introduced by Owens
in 2005. The
Caterpillar Board of Directors has been actively engaged with the management
team in reviewing and supporting the 2011-2015 strategy. The company is now in the process of
sharing the updated strategy with employees, suppliers, dealers and
shareholders.
“I am confident
Doug’s leadership, his deep expertise in all aspects of Caterpillar’s business
and his acute focus on helping customers succeed will again result in
Caterpillar’s performance rising to a new level of excellence,” Blount
said.
About
Caterpillar:
For more than 85 years, Caterpillar Inc. has been making
progress possible and driving positive and sustainable change on every
continent. With 2009 sales and revenues of $32.396 billion,
Caterpillar is the world’s leading manufacturer of construction and mining
equipment, diesel and natural gas engines and industrial gas
turbines. The company also is a leading services provider through
Caterpillar Financial Services, Caterpillar Remanufacturing Services,
Caterpillar Logistics Services and Progress Rail Services. More
information is available at: http://www.cat.com.
Forward-Looking
Statements
Certain statements
in this press release relate to future events and expectations and, as such,
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
subject to known and unknown factors that may cause actual results of
Caterpillar Inc. to be different from those expressed or implied in the
forward-looking statements. Words such as “believe,” “estimate,” “will be,”
“will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,”
“should” or other similar words or expressions often identify forward-looking
statements. All statements other than statements of historical fact
are forward-looking statements, including, without limitation, statements
regarding our outlook, projections, forecasts or trend descriptions. These
statements do not guarantee future performance, and Caterpillar does not
undertake to update its forward-looking statements.
It is important to
note that actual results of the company may differ materially from those
described or implied in such forward-looking statements based on a number of
factors, including, but not limited to: (i) economic volatility in the
global economy generally and in capital and credit markets;
(ii) Caterpillar’s ability to generate cash from operations, secure
external funding for operations and manage liquidity needs; (iii) adverse
changes in the economic conditions of the industries or markets Caterpillar
serves; (iv) government regulations or policies, including those affecting
interest rates, liquidity, access to capital and government spending on
infrastructure development; (v) commodity price increases and/or limited
availability of raw materials and component products, including steel;
(vi) compliance costs associated with environmental laws
and regulations; (vii) Caterpillar’s and Cat Financial’s ability to
maintain their respective credit ratings, material increases in either company’s
cost of borrowing or an inability of either company to access capital markets;
(viii) financial condition and credit worthiness of Cat Financial’s
customers; (ix) material adverse changes in
our customers’ access to liquidity and capital; (x) market acceptance of
Caterpillar’s products and services; (xi) effects of changes in the
competitive environment, which may include decreased market share, lack of
acceptance of price increases, and/or negative changes to our geographic and
product mix of sales; (xii) Caterpillar’s ability to successfully implement
Caterpillar Production System or other productivity initiatives;
(xiii) international trade and investment policies, such as import quotas,
capital controls or tariffs; (xiv) failure of Caterpillar or Cat Financial
to comply with financial covenants in their respective credit facilities;
(xv) adverse changes in sourcing practices for our dealers or original
equipment manufacturers; (xvi) additional tax expense or exposure;
(xvii) political and economic risks associated with our global operations,
including changes in laws, regulations or government policies, currency
restrictions, restrictions on repatriation of earnings, burdensome tariffs or
quotas, national and international conflict, including terrorist acts and
political and economic instability or civil unrest in the countries in which
Caterpillar operates; (xviii) currency fluctuations, particularly increases
and decreases in the U.S. dollar against other currencies; (xix) increased
payment obligations under our pension plans; (xx) inability to successfully
integrate and realize expected benefits from acquisitions;
(xxi) significant legal proceedings, claims, lawsuits or investigations;
(xxii) imposition of significant costs or restrictions due to the enactment
and implementation of health care reform legislation and proposed financial
regulation legislation; (xxiii) changes in accounting standards or adoption
of new accounting standards; (xxiv) adverse effects of natural
disasters; and (xxv) other factors described in more detail under “Item
1A. Risk Factors” in Part I of our Form 10-K filed with the SEC on
February 19, 2010 for the year ended December 31, 2009 and in Part II of our
Form 10-Q filed with the SEC on May 3, 2010 for the quarter ended March 31,
2010. These filings are available on our website at
www.cat.com/sec_filings.