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CAT Picks 34-Year Veteran Oberherlman As New CEO

Thu, 10/22/2009 - 4:45am

PEORIA, Ill. (AP) — Caterpillar Inc., the world's largest maker of construction and mining equipment, said Thursday that Douglas Oberhelman will become the company's CEO starting in July of next year.

The Peoria, Ill.-based company said Oberhelman, 56, will succeed current Chief Executive Jim Owens on July 1. Owens will stay on as chairman until he retires Oct. 31 under a mandatory retirement policy.

Owens, 63, informed the company in 2008 he was planning to retire in the fall of 2010 and has worked with its board of directors over the past year to develop a succession plan. He became the company's top executive in 2004.

Oberhelman, a 34-year Caterpillar veteran, currently is the company's group president, responsible for its engine and gas turbine businesses, human services, rail services and remanufacturing divisions. Earlier, he was its chief financial officer.

Shares of Caterpillar dipped 40 cents to $58 in pre-market trading.

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