By James R. Hagerty
Caterpillar Inc. said it is awarding stock options to Stuart
Levenick and Steven Wunning, who both are retiring from their group
president posts at the Peoria, Ill.-based maker of heavy equipment,
effective Feb. 1.
Mr. Wunning, 63 years old, and Mr. Levenick, 61, each will
receive stock options valued at $4 million, the company disclosed
in a securities filing late Thursday. Mr. Wunning headed
Caterpillar's mining-equipment division, while Mr. Levenick was
most recently in charge of customer and dealer support.
In return, the two executives agreed not to compete with
Caterpillar, poach employees from the company or "make any negative
comment about or otherwise disparage the company or those
associated with it," Caterpillar said.
Mr. Levenick had total compensation of about $5.3 million in
2013, according to the company's most recent proxy statement. Mr.
Wunning's total compensation in 2013 was $4.5 million.
Write to James R. Hagerty at bob.hagerty@wsj.com
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