Caterpillar CEO to retire next year

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  • FILE - In this Wednesday, June 26, 2013, file photo, Caterpillar Inc. Chairman and CEO Douglas R. Oberhelman delivers the keynote address to the Illinois Chamber of Commerce annual meeting & business leaders luncheon in Chicago. On Monday, Oct. 17, 2016, Caterpillar said Oberhelman will retire from the company in 2017 and will be replaced with Jim Umpleby, who has worked at the company for more than three decades. Oberhelman, 63, will leave the company at the end of March. He has been CEO since 2010 and has been with Caterpillar Inc. for more than 41 years. (AP Photo/Scott Eisen, File)

    FILE - In this Wednesday, June 26, 2013, file photo, Caterpillar Inc. Chairman and CEO Douglas R. Oberhelman delivers the keynote address to the Illinois Chamber of Commerce annual meeting & business leaders luncheon in Chicago. On Monday, Oct. 17, ... 2016, Caterpillar said Oberhelman will retire from the company in 2017 and will be replaced with Jim Umpleby, who has worked at the company for more than three decades. Oberhelman, 63, will leave the company at the end of March. He has been CEO since 2010 and has been with Caterpillar Inc. for more than 41 years. (AP Photo/Scott Eisen, File) (The Associated Press)

  • This undated photo provided by Caterpillar shows Jim Umpleby. On Monday, Oct. 17, 2016, Caterpillar announced that CEO and Chairman Doug Oberhelman will retire from the company in 2017 and will be replaced as CEO by Umpleby, an executive who has worked at the construction and mining equipment company for more than three decades. (Kevin May/Caterpillar via AP)

    This undated photo provided by Caterpillar shows Jim Umpleby. On Monday, Oct. 17, 2016, Caterpillar announced that CEO and Chairman Doug Oberhelman will retire from the company in 2017 and will be replaced as CEO by Umpleby, an executive who has ... worked at the construction and mining equipment company for more than three decades. (Kevin May/Caterpillar via AP) (The Associated Press)

Caterpillar says CEO Doug Oberhelman will retire from the company next year and will be replaced with Jim Umpleby, an executive who has worked at the company for more than three decades.

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Oberhelman, 63, will leave the company at the end of March. He has been CEO since 2010 has been with Caterpillar Inc. for more than 41 years.

Umpleby, who is 58 years old, is currently the president of Caterpillar's energy and transportation group.

When he retires, Oberhelman will also step down from his position as chairman of the board and be replaced by board member Dave Calhoun as non-executive chairman. Calhoun is an executive of private equity firm The Blackstone Group LP.

Caterpillar Inc., based in Peoria, Illinois, makes and sells construction and mining equipment.