IRVING, Tex. – Caterpillar’s CEO won’t have to retire when he turns 65 after all.
Jim Umpleby (Caterpillar)
The now Texas-based company is announcing CAT’s Board of Directors has voted to waive the requirement that Jim Umpleby retire when he turns 65 in February, and has agreed to stay in power.
“Waiving the mandatory retirement policy for Jim provides the Board greater flexibility with its CEO succession process,” said Debra Reed-Klages, presiding director, in a news release. “Jim has provided strong strategic and operating leadership for the company, and we look forward to his continued leadership of the Caterpillar team.”
Caterpillar will announce its third quarter financial results October 27, and announced just Wednesday it’s maintaining a dividend for shareholders.
