Caterpillar Inc. has announced changes to its executive office.
Group presidents William (Billy) P. Ainsworth and Ramin Younessi will retire at the end of this year.
Succeeding them on Jan. 1 will be Joseph (Joe) E. Creed and Anthony (Tony) D. Fassino.
The board of directors has appointed Creed as the new group president of the Energy and Transportation segment, which Ainsworth led.
Creed joined Caterpillar in 1997 and has held numerous accounting and finance positions of increasing responsibility across multiple divisions.
Fassino will succeed Younessi as group president of the Construction Industries segment. Fassino joined Caterpillar in 1996.