Caterpillar Inc. said Monday that its chairman and chief executive officer, Doug Oberhelman, will retire in March 2017, after 41 years with the company. The construction and mining equipment maker said Jim Umpleby, currently a group president in its energy and transportation business, who was been with the company for 35 years, will succeed Oberhelman as CEO. Current board member Dave Calhoun will become non-executive chairman when Oberhelman retires. "During the last four years, Caterpillar has faced unprecedented global economic conditions that have significantly impacted the industries served by our customers, as those industries and economic growth in many regions around the world have slowed or severely contracted," Oberhelman said. The stock, which fell 0.6% in premarket trade, has run up 29% year to date through Friday, while the Dow Jones Industrial Average has gained 4.1%.
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