Caterpillar Announces Officer Changes and Appointment of New Vice President
PEORIA, Ill., Dec. 11, 2014 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) today announced the following officer changes effective January 1, 2015:
- Julie Lagacy will become the company's Chief Information Officer and vice president with responsibility for the Global Information Services Division;
- Mike DeWalt will become vice president with responsibility for the Finance Services Division; and
- Doug Hoerr has been appointed as vice president with responsibility for the Strategic Services Division.
New Responsibilities for Julie Lagacy
Caterpillar's Board of Directors has appointed Julie Lagacy, a 26-year veteran of the company and currently vice president with responsibility for the Finance Services Division (FSD), as Chief Information Officer (CIO) and vice president with responsibility for the Global Information Services Division (GIS). In addition to leading FSD, earlier this year Lagacy assumed leadership of GIS following the departure of the former Chief Information Officer. She will continue to report to Brad Halverson, group president and Chief Financial Officer, and will also retain the Business Systems Transformation (BST) group.
"Julie has done a tremendous job managing two key roles within the company since June, demonstrating her leadership ability," said Halverson. "In addition to her strong financial acumen, strategic management style and her commitment to leading with integrity, she understands how to partner with our businesses throughout the company, which is important in a complex, global business like ours. She will build on the foundation she and her team have laid to carry forward the mission of transforming Caterpillar's information technology into a real competitive advantage."
After joining Caterpillar in 1988 as a pricing analyst, Lagacy held a number of pricing positions with increasing responsibilities and gained leadership experience across multiple functions, including positions as a product manager, commercial manager and human resources manager. She was the CFO of the mining business and became vice president with responsibility for FSD in 2013. Julie earned dual bachelor's degrees in economics and management from Illinois State University and has a master's degree in business administration from Bradley University. She is also a certified management accountant.
New Responsibilities for Mike DeWalt
Following the announcement that Lagacy will assume the GIS and CIO role, Caterpillar's Board of Directors appointed Mike DeWalt as vice president with responsibility for the Finance Services Division (FSD). DeWalt, whose career has spanned nearly 34 years with Caterpillar, was previously the vice president with responsibility for the Strategic Services Division. Under his leadership, FSD will include Corporate Accounting, Corporate Tax, Corporate Treasury and the Investor Relations group. Mike will continue to report to Brad Halverson, group president and Chief Financial Officer.
"Mike has a deep background in Caterpillar's accounting, finance and M&A functions. He worked on several key acquisitions and was the business manager of two of our large European businesses. He was the first leader of our Strategic Investments Group, was the voice of Caterpillar to investors as the director of Investor Relations, was the corporate controller and, most recently, was the vice president of our Strategic Services Division. This wealth of experience and deep understanding of our business make him a great fit to lead FSD," said Halverson.
DeWalt joined Caterpillar in 1981 as an accountant followed by a series of positions with increasing responsibilities in accounting and finance areas. From 1996-2001, DeWalt was the senior finance leader for F.G. Wilson in Northern Ireland and Perkins Engine Company in Peterborough, UK – both wholly owned subsidiaries of Caterpillar. Following those assignments, he was named director of Strategic Investments, leading Caterpillar's corporate mergers and acquisitions group, and was the director of Investor Relations from 2005-2012. In 2012, DeWalt became the corporate controller, and in 2013, he was appointed a vice president with responsibility for the Strategic Services Division. DeWalt has a bachelor's degree in accounting from Illinois State University.
Doug Hoerr Appointed as Vice President
Following DeWalt's move to FSD, Caterpillar's Board of Directors has appointed Doug Hoerr as a new vice president with responsibility for the Strategic Services Division (SSD), reporting to Halverson. Under Hoerr's leadership, SSD will include Strategic Planning, Mergers & Acquisitions (M&A), Economics, Business Risk Management, Revenue Management and Competitive Analysis.
"Doug is a strong leader and brings broad financial background to the Strategic Services Division. In addition to his background as a business manager in several of our businesses, Doug has worked on several important acquisitions and divestitures. He has a reputation at Caterpillar of working with business partners across the company to get things done and his experience with our Customer & Dealer organizations will add an important dimension for the Strategic Services Division," said Halverson. "Doug will be leading the strategic planning process, including growth strategies and M&A. His background of financial leadership, collaboration on joint venture projects and experience in startup manufacturing operations will all serve him well in his new role."
Hoerr began his 21-year career with Caterpillar in accounting. He held several accounting and business analysis roles throughout the company, including senior leadership positions in Caterpillar's engines business. He served as the senior business manager for Large Power Systems & Growth Markets, and in 2012, was named CFO for the Customer & Dealer Support group. Hoerr holds a bachelor's degree in accounting from the University of Illinois. He is also a certified public accountant.
About Caterpillar
For nearly 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2013 sales and revenues of $55.656 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 principally operates through its three product segments - Resource Industries, Construction Industries and Energy & Transportation - and also provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com. To connect with us on social media, visit caterpillar.com/social-media.
Forward-Looking Statements
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 we serve; (ii) government monetary or fiscal policies and infrastructure spending; (iii) commodity price changes, component price increases, fluctuations in demand for our products or significant shortages of component products; (iv) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (v) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (vi) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (vii) our Financial Products segment's risks associated with the financial services industry; (viii) changes in interest rates or market liquidity conditions; (ix) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (x) new regulations or changes in financial services regulations; (xi) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xii) international trade policies and their impact on demand for our products and our competitive position; (xiii) our ability to develop, produce and market quality products that meet our customers' needs; (xiv) the impact of the highly competitive environment in which we operate on our sales and pricing; (xv) failure to realize all of the anticipated benefits from initiatives to increase our productivity, efficiency and cash flow and to reduce costs; (xvi) additional restructuring costs or a failure to realize anticipated savings or benefits from past or future cost reduction actions; (xvii) inventory management decisions and sourcing practices of our dealers and our OEM customers; (xviii) compliance with environmental laws and regulation; (xix) alleged or actual violations of trade or anti-corruption laws and regulations; (xx) additional tax expense or exposure; (xxi) currency fluctuations; (xxii) our or Cat Financial's compliance with financial covenants; (xxiii) increased pension plan funding obligations; (xxiv) union disputes or other employee relations issues; (xxv) significant legal proceedings, claims, lawsuits or investigations; (xxvi) compliance requirements imposed if additional carbon emissions legislation and/or regulations are adopted; (xxvii) changes in accounting standards; (xxviii) failure or breach of IT security; (xxix) adverse effects of unexpected events including natural disasters; and (xxx) other factors described in more detail under "Item 1A. Risk Factors" in our Form 10-K filed with the SEC on February 18, 2014, for the year ended December 31, 2013, and in our Form 10-Q filed with the SEC on August 1, 2014, for the quarter ended June 30, 2014.
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SOURCE Caterpillar Inc.
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