Caterpillar CEO Plans Retirement

The chairman and CEO of Caterpillar has announced his impending retirement.

After 43 years with the green industry manufacturing company, Glen Barton plans to step down Jan. 31, 2004. Barton has served in his current executive roles for the past five years.

The Caterpillar Board of Directors has appointed James Owens as vice chairman and named him the successive chairman and CEO.

“Jim brings a broad understanding of Caterpillar’s business strategy as group president for a diverse set of business units, including human services, component manufacturing, product support, logistics, information technology and Latin American marketing,” Barton commented.

Owens, 57, joined Caterpillar in 1972 as a corporate economist and, holding various management positions in economics, accounting and product source planning. In 1987, he became managing director of P.T. Natra Raya, Caterpillar's joint venture in Indonesia.  He was elected a corporate vice president in 1990 and named president of Solar Turbines Incorporated, a Caterpillar subsidiary in San Diego, Calif.  In 1993 he became chief financial officer and in 1995 assumed the position of group president.

Caterpillar’s corporate policy requires the retirement of officers at 65 years, which Barton will reach in August 2004.

“Making this change now rather than mid-year allows us to align our leadership transition with Caterpillar’s annual planning cycle, when the overall organization is setting performance expectations for the new year,” Barton added.

Reflecting on his tenure, Barton is pleased with Caterpillar’s progress over the past five years. “Our business units are well-positioned to take advantage of future opportunities,” he observed. “Even after 43 years, I am still impressed with the great work Caterpillar products accomplish worldwide and with the team that makes that possible.”

The author is assistant editor-Internet of Lawn & Landscape magazine and can be reached at aanderson@lawnandlandscape.com.