Caterpillar announced that CEO Jim Umpleby will become Executive Chairman of the Board effective May 1, after nearly 45 years at the company.

Chief Operating Officer Joe Creed, a 28-year veteran of Caterpillar, will succeed him as CEO and join the Board the same day.

Umpleby led Caterpillar through a period of record profitability, including a sixfold increase in adjusted EPS during his tenure. Creed has held key roles across finance, energy, and transportation segments, and became COO in 2023. The transition follows a multi-year succession plan.