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Caterpillar retirements announced

Fri, 12 Oct 2012 17:29:10 CDT
By: Charlie Schlenker

A wave of top retirements at Peoria-based Caterpillar. Four senior executives have announced they are stepping down in coming months including two Group vice Presidents and two Vice Presidents. Five other senior administrators are shuffling portfolios. The announcements come only a few weeks after Caterpillar announced a reduction in earnings forecasts because of falling demand and rising commodity prices. The Peoria, based equipment maker says it has adequate talent waiting in the wings for internal promotion. The company has also named a new position, head of China operations. Cat Chief Doug Oberhelman says he intends to win in China. Some of the retirements come before the mandatory age of 65 to step down. Company spokesman Jim Dugan says the moves are not extraordinary or unusual and that the transition will be orderly and smooth.

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