Irving-based heavy equipment giant Caterpillar Inc. announced the appointment of two new members to its board of directors, effective March 1.
Judith (Judy) Marks is chair, CEO and president of Otis Worldwide Corp., and James (Jim) Fish Jr. is president and CEO of Waste Management.
Marks will serve on the board’s Audit Committee and Compensation and Human Resources Committee. Fish will serve on the Audit Committee and Sustainability & other Public Policy Committee.
“We are pleased to welcome leaders of such high caliber to our board,” Caterpillar Chairman and CEO Jim Umpleby said in a statement. “With Judy’s leadership of services growth and digital transformation at Otis, and Jim’s leadership in developing sustainable solutions that support the transition to a lower-carbon economy, Caterpillar is well positioned to help our customers build a better, more sustainable world and deliver long-term profitable growth.”
Caterpillar also announced that Edward (Ed) Rust will not stand for re-election at the 2023 Annual Shareholder Meeting.
Leaders in sustainability strategies
Marks, 59, has led Otis, the world’s leading company for elevator and escalator manufacturing, installation and service, as president since 2017 and was named CEO in 2019. She has served as a director of Otis since 2020 and was appointed as chair in 2022.
In April 2020, Marks led the successful spin of Otis to an independent publicly traded company.
Marks prioritized and advanced Otis’ sustainability program by embedding it into the company strategy as a key element to drive added value for all stakeholders. Before Otis, she held senior leadership roles at Siemens AG, Lockheed Martin, and IBM. In addition to serving on the Otis board, Marks is on the AdvanceCT board and is a member of the Business Roundtable and Chair of its Trade and International Committee.
Fish, 60, has served as president, CEO and a member of the board of WM, North America’s largest comprehensive waste management environmental solutions provider, since 2016.
Since becoming CEO, Fish has shifted WM’s sustainability strategy to focus on minimizing its environmental impact by reducing carbon emissions, investing in differentiated innovative technologies and automation, and expanding recycling and renewable energy infrastructure to help customers achieve their sustainability goals, the company said.
Previously, he was WM’s CFO beginning in 2012, and held several other key leadership positions since joining the company in 2001.
Before WM, Fish held multiple senior leadership positions at Westex, Trans World Airlines, and America West Airlines. His career started at KPMG Peat Marwick.
Rust, 72, has been on the Caterpillar board since 2003 and is the retired chairman and CEO of State Farm Mutual Automobile Insurance Co.
With 2022 sales and revenues of $59.4 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives.
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