PEORIA, Ill., Oct. 11, 2012 /PRNewswire/ -- Following a
combined 65 years of outstanding service and contributions to the
company, Caterpillar Inc. (NYSE: CAT) announced today that Group
Presidents Rich Lavin and
Gerard Vittecoq have elected to
retire. Lavin is a Caterpillar group president with responsibility
for Construction Industries & Growth Markets. Vittecoq is a
group president with responsibility for Energy & Power Systems.
The company also announced that Caterpillar's Board of Directors
has appointed current Group President and CFO Ed Rapp as Lavin's replacement. Brad Halverson will replace Rapp as a group
president and CFO and Jim Umpleby
has been appointed to replace Vittecoq as group president for
Energy & Power Systems.
"We will be saying goodbye to fantastic leaders with these
retirements, but we have a deep and talented group of Caterpillar
executives," said Caterpillar Chairman and CEO Doug Oberhelman. "I am confident our new leaders
will build on the work of their predecessors as we move toward our
2015 goals and beyond."
Rich Lavin Retirement
"Rich has provided remarkable leadership and strategic vision for
Caterpillar and will leave an indelible legacy behind for the work
he has done to grow our operations and presence in key developing
markets, particularly in
Asia,"
Oberhelman said. "I want to extend well deserved congratulations to
Rich for all he has done for our business and wish him a long and
happy retirement," Oberhelman added.
Lavin joined Caterpillar in 1984 as an attorney in what is now
the Law and Public Policy Division. He was appointed to
Caterpillar's executive office in 2007 and moved to Hong Kong, where he was the first Caterpillar
executive officer to reside and work in Asia. Lavin's work in this role has had a
significant impact on enhancing the company's brand and reputation
in this region. Before becoming a group president, he was vice
president of manufacturing operations for the Asia Pacific
Division, serving as chairman of Shin Caterpillar Mitsubishi Ltd.
(SCM)—now Caterpillar Japan Ltd. (CJL)—and chairman of Caterpillar
(China) Investment Co., Ltd. Lavin
was named a Caterpillar vice president in 2001, serving as Human
Services Division vice president until 2004 when he was named vice
president with responsibility for Caterpillar's Asia Pacific
Manufacturing Operations. During his career, Lavin held senior
executive and leadership positions in Hong Kong; Beijing,
China; Bangalore, India and
Tokyo, Japan. Previously, he was
product manager in the Track-Type Tractors Division, director of
corporate human relations and director of compensation and
benefits.
Lavin has a bachelor's degree from Western
Illinois University and law degrees from Creighton University and Georgetown University. He also completed a
Brookings Institute management program and a Carnegie Mellon executive development program. In
November 2009, he was appointed to
the board of directors of USG Corporation, a leading building
products company. He is also a member of the board of directors of
the U.S. China Business Council, U.S. India Business Council and
the U.S. Korea Business Council. He is a member of The Conference
Board and The Chicago Council of Global Affairs. He serves on the
International Advisory Council of Guanghua
School of Management at Peking University and the Board of
Trustees at Bradley University. In
2010, he was appointed to serve on the Asia-Pacific Economic
Cooperation (APEC) Business Advisory Council (ABAC), which provides
private sector input to the leaders of 21 economies comprising the
APEC.
Gerard Vittecoq Retirement
"Over the course of his more than 37 years with Caterpillar, Gerard
has built a reputation for mentoring and developing leaders from
his home base in Geneva,
Switzerland," Oberhelman said. "Gerard was instrumental in
providing executive leadership as we focused on improving product
quality and a culture of safety by driving the integration of the
Caterpillar Production System around the world. More recently, his
leadership and guidance has been critical, as Caterpillar has
significantly expanded its energy and power systems business with
the key acquisitions of Electro-Motive Diesel (EMD) and gas engine
manufacturing MWM Holding GmbH (MWM). These acquisitions have
expanded Caterpillar's strategic businesses, and Gerard will be
remembered for the leadership he provided as these businesses were
added to Caterpillar," Oberhelman added.
Vittecoq was appointed to Caterpillar's executive office in
2003. He joined Caterpillar in 1975, holding various accounting and
finance positions during his first six years with the company. In
1982, he was appointed finance representative and later assistant
manager at Caterpillar Overseas S.A. (COSA). In 1985, he became
comptroller for COSA. Vittecoq was appointed director of COSA
strategy and planning in 1990. In 1995, he was promoted to managing
director of Caterpillar France S.A. In 1998, Vittecoq became
managing director of Caterpillar Belgium S.A. In 2001, he was
appointed vice president with administrative responsibility for the
Europe, Africa and the Middle East (EAME) Operations Division.
Vittecoq has a master's degree from Ecole Superieure of Commerce
(France) and a master's degree in
business administration from Laval
University (Canada). He is
a certified public accountant (CPA), and he completed the executive
program in international management at Columbia University. Vittecoq is a member of the
Foundation Board of the International Institute for Management
Development (IMD), a member of the Evian Group: Free Trade Think
Tank, executive member of the World Business Council for
Sustainable Development (WBCSD), member of the senior advisory
council of the Swiss-American Chamber of Commerce and a director of
Best Buy—a multinational retailer of technology and entertainment
products and services.
Ed Rapp Becomes Construction Industries Group President
Caterpillar's Board of Directors has appointed current Group
President and CFO
Ed Rapp as group
president with responsibility for Construction Industries,
replacing Lavin. As part of this transition, the
Hong Kong-based headquarters office for
Caterpillar's Construction Industries group will relocate to
Singapore, where Rapp will be
based in his new role effective
January 1,
2013.
"As we weighed the complexity of this role across the range of
products and geographies and looked at the critical areas of
responsibility for this position, it was clear that Ed was the best
person for this position," Oberhelman said. "Ed brings proven
executive-level leadership and demonstrated success to this
position.He will provide focus and strategic vision as we work
toward our market leadership goals for China and other key growth markets."
Rapp has been a member of Caterpillar's executive office since
2007. He was named a Caterpillar vice president in 2000, serving as
the head of the EAME Marketing Division until 2004 when he was
named vice president with responsibility for the Building
Construction Products Division.
Rapp joined Caterpillar as a pricing analyst in 1979. Over the
next several years, he held positions with increasing
responsibility related to pricing, production scheduling,
marketing, dealer development, manufacturing and product
development. In the 1990s, he held positions as a district manager
in San Francisco, the area manager
in Johannesburg, South Africa, and
then held several senior positions in Geneva, Switzerland, before being named a vice
president with responsibility for EAME Marketing in 2000.
Rapp has a bachelor's degree in finance from the University of Missouri-Columbia and is a graduate
of the University of Illinois Executive
Development program.
He is a member of the board of directors of FMGlobal and Junior
Achievement USA. Rapp is also a
member of the University of Missouri
College of Business Strategic Development Board.
Halverson Appointed CFO and Group President
Caterpillar's Board of Directors has elected
Brad Halverson, currently a Caterpillar vice
president with responsibility for Finance Services Division, as
chief financial officer (CFO) and group president of Corporate
Services.
"During his 25 year career, Brad has built substantial deep
expertise within our accounting and finance operations, working in
positions of increasing responsibility in multiple business units
in the United States and in
Europe," Oberhelman said. "In
addition, Brad has held a number of accounting and finance roles at
the corporate level that have helped to drive standard work and
process improvements across this critical service business for our
company. He has played an important role in our most recent
strategic planning initiatives, providing key leadership to develop
our metrics and plan for delivering total shareholder return.
Together, this deep business unit and corporate experience in the
field gives him an ideal perspective and background for the CFO
role within our executive office," Oberhelman added.
Halverson was named a vice president in 2010. He has had a
variety of experiences of increasing responsibilities at
Caterpillar. After auditing and tax experience with Price
Waterhouse, he joined the company in 1988 as an accountant. In
1993, he moved to Geneva,
Switzerland, as a strategy and planning consultant with
Caterpillar Overseas S.A. He went on to become controller in
Europe, responsible for
Caterpillar's financial reporting in EAME and returned to
the United States in 1996 to
manage general accounting and financial systems. From 1998 until
2002, Halverson provided financial leadership as a business
resources manager in Caterpillar's Engine Division and was named
director of corporate business development before becoming
corporate controller in December
2004.
Halverson graduated with a bachelor's degree in accounting in
1982, and earned an Executive MBA in 1996, both from the
University of Illinois. He is a
certified public accountant and member of the American Institute of
CPAs. He serves on the OSF St. Francis Medical Center Community
Advisory Board and is vice chairman of the Illinois Easter Seals
Affiliate Board. Halverson's replacement will be named in the near
future. Halverson will assume his new role effective January 1, 2013.
Umpleby Appointed Group President
Caterpillar's Board of Directors has elected
Jim Umpleby, currently vice president with
responsibility for Solar Turbines, as a group president with
responsibility for Caterpillar's Energy & Power Systems
business.
"With more than 30 years of leadership experience with Solar
Turbines and Caterpillar, Jim brings extensive knowledge and
understanding of the global energy and power systems industry to
our executive office," Oberhelman said. "Jim understands the highly
complex and global nature of the customers we serve in the energy,
rail and power industries. As the leader of our Solar Turbines
business, he has demonstrated results in a global business, serving
customers in the oil and gas and power generation industries. Jim's
deep expertise in these industries and his demonstrated success as
the vice president for Solar Turbines make him an ideal leader for
our Energy & Power Systems group," Oberhelman said.
Umpleby was named a Caterpillar vice president and the president
of Solar Turbines in 2010. During his career with Solar, he has
worked around the world in positions with increasing
responsibilities in engineering, manufacturing, sales and customer
services.
Umpleby joined Solar Turbines in 1980 as an associate engineer.
Over the course of the next decade with Solar, he held a number of
engineering and sales positions including assignments in
Singapore and Kuala Lumpur, Malaysia. In 1994, he became the
director of power systems operations and facility manager of
Solar's Kearny Mesa gas turbine
packaging facility. In 1997, he became a Solar vice president with
responsibility for customer services and in 2000 was named Solar
vice president for Turbomachinery Products. In 2005, Umpleby
assumed responsibilities as a general manager for global services
for Caterpillar, a Peoria-based
assignment in Caterpillar's Product Support Division. He was named
Solar's vice president for oil and gas in 2007.
Umpleby graduated from Rose-Hulman
Institute of Technology with a bachelor's degree in
mechanical engineering in 1980. He completed an executive
leadership program at the International Institute for Management
Development (IMD) in Lausanne, Switzerland, in 1996. Umpleby serves on the
board of directors for the San
Diego Chamber of Commerce, the San Diego Regional Economic
Development Corporation and CONNECT. He is also an executive
committee member of the board of directors of the Interstate
Natural Gas Association of America (INGAA) Foundation. A
replacement for Umpleby will be named in the near future. Umpleby
will assume his new role effective January
1, 2013.
About Caterpillar:
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 and Progress Rail Services. More
information is available at: http://www.caterpillar.com.
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 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.