PEORIA, Ill., Dec. 9, 2010 /PRNewswire-FirstCall/ -- Caterpillar Inc. (NYSE: CAT) announced today several changes at the officer level, including the initial leadership for the integration of Bucyrus International. The company is also announcing the completion of organizational changes that will position Caterpillar to deliver on its Vision 2020 strategy.
James J. Parker to Retire
After more than 41 years with Caterpillar, Jim Parker, vice president, Americas Distribution Division, has elected to retire effective January 1, 2011.
"During the course of his career at Caterpillar, Jim has consistently taken a passionate, customer-focused approach to leadership, and has worked very closely with our dealers, including key support for several dealer transitions in recent years," said Stu Levenick, Caterpillar group president with responsibility for Customer & Dealer Support. "We thank Jim for his leadership, dedication and long service and wish him all the best in the next phase of life."
Parker joined Caterpillar in 1969 and spent several years as a research technician. Later in the 1970s, he held several senior-level pricing positions within Caterpillar's engine division and corporate offices. He then held the position of pricing manager for Caterpillar Far East Ltd., as well as serving in a variety of engine and power systems marketing positions, with particular emphasis on marine and industrial strategic planning.
Beginning in the 1990s, he was promoted to manager of marketing support for engine power systems in Caterpillar Asia Pte. Ltd. In 1998 he became the director of the Electric Power & Engine Products Division, and in 2001 he was elected Vice President, Power Systems & OEM Solutions Division. Parker was instrumental in the growth of Caterpillar’s electric power, marine and industrial engines businesses. He has a bachelor’s degree from Bradley University and completed the Stanford University Executive Program.
New Responsibilities for William E. Finerty
Caterpillar's board of directors has appointed Bill Finerty to replace Jim Parker as vice president, Americas Distribution Division. Finerty's move will be effective January 1, 2011.
"Bill's enthusiastic customer focus combined with his extensive marketing, dealer development and industry experience makes him the ideal candidate for this position," Levenick said.
Finerty joined Caterpillar in 1984 in the Marketing Training Program as a sales development tech. He then held a series of positions in the United States and Europe with growing responsibilities in the areas of marketing, finance and mining. In 2005, he was named a regional manager for the Americas Distribution Division, and for the last five years has been instrumental in the growth and development of the North American Dealer organization. Finerty has a bachelor's degree in accounting from Southern Illinois University.
New Responsibilities for Steven L. Fisher
Caterpillar has announced that Steve Fisher will become vice president with responsibility for the integration of Bucyrus International, Inc. In November, Caterpillar announced that it had reached an agreement to acquire Bucyrus in a transaction valued at approximately $8.6 billion (including net debt). The closing of the transaction is expected in mid-2011, and is subject to regulatory approvals, customary closing conditions and approval by Bucyrus stockholders. Fisher is currently Caterpillar vice president with responsibility for the Remanufacturing & Components Division.
"Steve has been instrumental in the rapid growth and success of Caterpillar's Remanufacturing business, which has been one of the company's fastest growing organizations in recent years," said Steve Wunning, Caterpillar group president with executive office accountability for Bucyrus, along with his current responsibilities for the company's Resource Industries. "Steve has been directly involved with several acquisitions, and the successful integration of those companies into Caterpillar. In this new role, Steve will initially lead a dedicated team of Caterpillar professionals in the integration planning efforts, and upon closing, will lead cross functional teams from both Caterpillar and Bucyrus to ensure a smooth and orderly integration," Wunning added.
New Responsibilities for Gregory S. Folley
Greg Folley will replace Fisher as vice president with responsibility for the Remanufacturing & Components Division. Folley is currently vice president with responsibility for the Human Services Division. He has responsibility for Corporate Human Resources, Corporate Public Affairs, Governmental Affairs, Compensation + Benefits, Sustainable Development and Environment, Health and Safety. Previously, Folley was vice president of the Core Components Division.
"Greg has demonstrated outstanding leadership in the area of cost containment, particularly as Caterpillar has successfully managed rising health care costs," Levenick said. "Greg's previous role leading the Core Components Division makes him a natural choice to fill this position, ensuring a smooth transition for this important Division," said Levenick.
A replacement for Folley as the Vice President of the Human Services Division will be named at a later date.
Jiming Zhu to Leave Caterpillar
Jiming Zhu, Caterpillar vice president responsible for the China Division, has elected to leave the company to pursue other opportunities. Zhu's departure from Caterpillar will be effective December 31, 2010.
Zhu will not be replaced with a Caterpillar corporate vice president. Instead, Caterpillar Group President Rich Lavin is moving to Hong Kong, where Caterpillar has established a new executive office for the company to provide added leadership for China and other critical growth markets. Lavin's move to Hong Kong marks the first time Caterpillar has had a member of its executive office based in Asia. Effective January 1, 2011, Kevin Thieneman will become Country Manager for China and Chairman of Caterpillar (China) Investment Co., Ltd., leading the ongoing development of Caterpillar's strategy and business growth in China. Thieneman will relocate to Beijing and retain his current responsibilities as Country Manager for India and ASEAN, and he will report to Lavin.
"I want to thank Jiming for the work he has done to position Caterpillar for growth and leadership in China," Lavin said. "We wish him well and continued success in the next phase of his professional career."
Organizational Changes completed
In order to more fully align its machinery businesses and leverage corporate services across the enterprise, Caterpillar is also announcing the final structural changes for the organization in support of Caterpillar’s updated corporate strategy, unveiled by Chairman and CEO Doug Oberhelman in June of this year. Effective January 1, 2011, the Building Construction Products Division, led by vice president Mary Bell, will report to Rich Lavin, Group President, Construction Industries & Growth Markets. Caterpillar's Global Purchasing Division, led by Chief Procurement Officer Frank Crespo, will report to Ed Rapp, CFO and Group President of Corporate Services.
For more than 85 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2009 sales and revenues of $32.396 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: www.caterpillar.com.
Certain statements in this press release relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to known and unknown factors that may cause actual results of Caterpillar Inc. to be different from those expressed or implied in the forward-looking statements. 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 Caterpillar does not undertake to update its forward-looking statements.
It is important to note that actual results of the company may differ materially from those described or implied in such forward-looking statements based on a number of factors, including, but not limited to: (i) economic volatility in the global economy generally and in capital and credit markets; (ii) Caterpillar's ability to generate cash from operations, secure external funding for operations and manage liquidity needs; (iii) adverse changes in the economic conditions of the industries or markets Caterpillar serves; (iv) government regulations or policies, including those affecting interest rates, liquidity, access to capital and government spending on infrastructure development; (v) commodity price increases and/or limited availability of raw materials and component products, including steel; (vi) compliance costs associated with environmental laws and regulations; (vii) Caterpillar's and Cat Financial's ability to maintain their respective credit ratings, material increases in either company's cost of borrowing or an inability of either company to access capital markets; (viii) financial condition and credit worthiness of Cat Financial's customers; (ix) material adverse changes in our customers' access to liquidity and capital; (x) market acceptance of Caterpillar's products and services; (xi) effects of changes in the competitive environment, which may include decreased market share, lack of acceptance of price increases, and/or negative changes to our geographic and product mix of sales; (xii) Caterpillar's ability to successfully implement Caterpillar Production System or other productivity initiatives; (xiii) international trade and investment policies, such as import quotas, capital controls or tariffs; (xiv) failure of Caterpillar or Cat Financial to comply with financial covenants in their respective credit facilities; (xv) adverse changes in sourcing practices for our dealers or original equipment manufacturers; (xvi) additional tax expense or exposure; (xvii) political and economic risks associated with our global operations, including changes in laws, regulations or government policies, currency restrictions, restrictions on repatriation of earnings, burdensome tariffs or quotas, national and international conflict, including terrorist acts and political and economic instability or civil unrest in the countries in which Caterpillar operates; (xviii) currency fluctuations, particularly increases and decreases in the U.S. dollar against other currencies; (xix) increased payment obligations under our pension plans; (xx) the possibility that the acquisition by Caterpillar of Bucyrus International, Inc. does not close for any reason, including, but not limited to, a failure to obtain required regulatory approvals, (xxi) inability to successfully integrate and realize expected benefits from acquisitions; (xxii) significant legal proceedings, claims, lawsuits or investigations; (xxiii) imposition of significant costs or restrictions due to the enactment and implementation of health care reform legislation and financial regulation legislation; (xxiv) changes in accounting standards or adoption of new accounting standards; (xxv) adverse effects of natural disasters; and (xxvi) other factors described in more detail under "Item 1A. Risk Factors" in Part I of our Form 10-K filed with the SEC on February 19, 2010 for the year ended December 31, 2009 and in Part II of our Form 10-Q filed with the SEC on May 3, 2010 for the quarter ended March 31, 2010. These filings are available on our website at www.caterpillar.com/investors/financial-reporting/sec-filings.
SOURCE Caterpillar Inc.