CAT Announces CEO

Following a previously announced succession plan, the Board of Directors of Caterpillar Inc. has officially elected Doug Oberhelman Chief Executive Officer 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.