Caterpillar's Umpleby III to retire as executive chairman of board

After 45 years of service, including eight years as Caterpillar's CEO, D. James Umpleby III will retire as executive chairman and as a member of the Caterpillar board of directors effective April 1, 2026.

At that time, CEO Joseph E. Creed will assume the role of chairman of the board of directors.

As part of this leadership transition, Debra L. Reed-Klages, who has served as a director since June 2015 and independent presiding director since June 2022, will continue to serve as lead independent director. "On behalf of the board of directors, we want to express our gratitude to Jim for his exemplary service as CEO and as a director. We look forward to continuing to work with Joe in his new role as chairman of the board," Reed-Klages says.

"On behalf of the Board and the entire Caterpillar team worldwide, I want to express my heartfelt thanks to Jim whose years of dedicated service have made a lasting impact and helped shape our legacy of excellence," Creed says. "I am honored to carry the torch forward as Chairman of the Board as we further Caterpillar's mission of solving our customers' toughest challenges."

Creed joined Caterpillar in 1997 and has held numerous positions of increasing responsibility across multiple divisions of the company, including chief operating officer and group president of energy & transportation. He was appointed CEO and became a member of the board of directors on May 1, 2025.

After becoming CEO in 2017, Umpleby led the development and execution of a new strategy for long-term profitable growth, delivering significant value to shareholders. In May 2025, Umpleby transitioned to executive chairman, playing a key role in ensuring a smooth leadership transition for both the CEO position and the board.

"It's been an honor to work alongside Caterpillar's talented global team, and I'm very proud of all we accomplished together," Umpleby says. "I am confident that Joe is the right leader to guide Caterpillar as it embarks upon a new century full of exciting opportunities. As I enter retirement, my greatest satisfaction comes from the conviction that Caterpillar's best days lie ahead."