Caterpillar Inc. announced that Chairman and CEO Jim Umpleby will become executive chairman of the board, effective May 1, and Chief Operating Officer Joe Creed will succeed him as CEO and join the board on the same date.

Umpleby, who has served as CEO since January 2017 and spent nearly 45 years with the company, is credited with developing and executing a strategy for long-term profitable growth. Under his leadership, Caterpillar’s adjusted profit per share reached a record in 2024, growing more than sixfold during his tenure.

“I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career,” Umpleby said in a statement. “I have great confidence in my successor Joe Creed and the entire Executive Office to lead our global team as Caterpillar embarks upon our second century of helping our customers build a better, more sustainable world.”

Creed, a 28-year veteran of the company, has held a wide range of leadership roles, including chief financial officer for the Energy & Transportation segment, vice president of multiple divisions, and most recently, COO—a role he assumed in November 2023.

“For 100 years, our incredible people have been the foundation of Caterpillar’s success,” Creed said. “I look forward to leading this amazing team as we build upon Caterpillar’s legacy of excellence.”

Debra L. Reed-Klages will continue to serve as independent presiding director. She praised Umpleby’s leadership and said Creed’s appointment is the result of a multi-year succession planning process.

“Joe is a proven leader with significant experience in Caterpillar’s global businesses,” she said. “We are confident Joe will position Caterpillar for continued future success.”