Caterpillar Announces Officer Retirement
TOKYO, March 15, 2012 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced today that after more than 32 years of distinguished service with the company, Ali Bahaj, Caterpillar vice president and chairman and CEO of Caterpillar Japan Ltd. (CJL) has elected to retire. Bahaj has been a Caterpillar vice president since 2002 and is currently chairman and CEO of Caterpillar Japan Ltd. and a Caterpillar vice president. Bahaj's retirement will be effective May 1, 2012.
"Throughout his career, Ali has consistently demonstrated a people-first leadership style, that combined with his strong finance and treasury background has produced record safety and production levels at our manufacturing facilities in Japan and record sales and profits in Japan," said Rich Lavin, Caterpillar group president with responsibility for Construction Industries and Growth Markets. "Most notable, Ali provided outstanding leadership under pressure as he managed Caterpillar's response to the devastating earthquake and tsunami in Japan in 2011. As a result, the impact to Caterpillar operations in Japan was minimized, and Caterpillar's Japanese facilities quickly returned to full production. At the same time, Caterpillar provided significant resources in support of the rescue, recovery and clean up efforts following the disaster," Lavin added. "On behalf of Caterpillar, I wish Ali a very happy retirement after more than three decades of service to Caterpillar.
Bahaj graduated from the University of North Dakota with a bachelor's degree in Economics, French and Political Science and a master's degree in Economics. He earned an MBA from the American Graduate School of International Management.
He joined Caterpillar in 1980 as an account analyst in the treasury department. During the 1980s, he held a series of positions in treasury and finance with increasing responsibilities. In 1993, he was promoted to treasurer for Caterpillar Brasil S.A., and in 1996 he was named a vice president for Caterpillar Financial Services Corporation. In 2002, Caterpillar's Board of Directors elected Bahaj a vice president with responsibility for the Corporate Auditing & Compliance Division. He moved to his current role in 2007. During his time in Japan, Bahaj was instrumental in finalizing the agreement between CJL and Mitsubishi Heavy Industries, Ltd. (MHI) that resulted in Caterpillar becoming the sole owner of CJL, a long time joint venture between Caterpillar and MHI.
Replacing Bahaj, the company has named Noriyuki Takeuchi as president and country manager of Caterpillar Japan Ltd. Takeuchi joined the company in 1976, and since that time has held a wide range of positions with increasing responsibilities with a particular focus on purchasing, strategic planning and manufacturing operations.
"I am confident that Noriyuki will provide critical leadership as we continue to focus on strengthening and growing our business in Japan," Lavin said.
In his new role, Takeuchi will report directly to Lavin.
For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2011 sales and revenues of $60.138 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at: http://www.caterpillar.com.
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and we do not undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global economic conditions and economic conditions in the industries and markets we serve; (ii) government monetary or fiscal policies and infrastructure spending ; (iii) commodity or component price increases and/or limited availability of raw materials and component products, including steel; (iv) our and our customers', dealers' and suppliers' ability to access and manage liquidity; (v) political and economic risks and instability, including national or international conflicts and civil unrest; (vi) our and Cat Financial's ability to: maintain credit ratings, avoid material increases in borrowing costs, and access capital markets; (vii) the financial condition and credit worthiness of Cat Financial's customers; (viii) inability to realize expected benefits from acquisitions and divestitures, including the acquisition of Bucyrus International, Inc.; (ix) international trade and investment policies; (x) challenges related to Tier 4 emissions compliance; (xi) market acceptance of our products and services; (xii) changes in the competitive environment, including market share, pricing and geographic and product mix of sales; (xiii) successful implementation of capacity expansion projects, cost reduction initiatives and efficiency or productivity initiatives, including the Caterpillar Production System; (xiv) sourcing practices of our dealers or original equipment manufacturers; (xv) compliance with environmental laws and regulations; (xvi) alleged or actual violations of trade or anti-corruption laws and regulations; (xvii) additional tax expense or exposure; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial covenants; (xx) increased pension plan funding obligations; (xxi) union disputes or other employee relations issues; (xxii) significant legal proceedings, claims, lawsuits or investigations; (xxiii) compliance requirements imposed if carbon emissions legislation and/or regulations are adopted; (xxiv) changes in accounting standards; (xxv) failure or breach of IT security; (xxvi) adverse effects of natural disasters; and (xxvii) other factors described in more detail under "Item 1A. Risk Factors" in our Form 10-K filed with the SEC on February 21, 2012 for the year ended December 31, 2011. This filing is available on our website at www.caterpillar.com/secfilings.
SOURCE Caterpillar Inc.