Joseph E. Creed will become CEO of Caterpillar on May 1, replacing Jim Umpleby III. Umpleby will continue as executive chairman.
Creed moves from COO, where he has served since 2023. He joined the company in 1997 and has held numerous positions of increasing responsibility across multiple divisions of Caterpillar. He was promoted to CFO for the Energy & Transportation business segment in 2013, then to VP of the Finance Services Division in 2017. Creed also served as interim CFO for the company in 2018. He then became VP of the Oil & Gas and Marine Division and the Electric Power Division. In 2021, he was promoted to group president of Energy & Transportation.
Umpleby has been CEO for eight years and has been with the company for 45. He led the development and execution of a new strategy for long-term profitable growth, creating significant shareholder value. In 2024, Caterpillar achieved record full-year adjusted profit per share, which increased more than sixfold during Umpleby’s tenure as CEO, according to the company.
“I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career. As we celebrate our 100th anniversary, we honor those who came before us establishing a culture of excellence serving our customers.” said Umpleby 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.”
Stated Creed: “For 100 years, our incredible people have been the foundation of Caterpillar’s success. I'm proud to work alongside our talented Caterpillar employees and dealers as we continue to support customers across our diverse businesses, from disaster recovery and building the world's infrastructure to delivering critical minerals and reliable energy. I look forward to leading this amazing team as we build upon Caterpillar’s legacy of excellence.”
