Twenty-eight-year company veteran and current COO Joseph E. Creed will succeed D. James Umpleby III as CEO of Irving-based Caterpillar Inc. and will join the company’s board of directors, effective May 1.

“I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career.” Umpleby said in a statement. “As we celebrate our 100th anniversary, we honor those who came before us establishing a culture of excellence serving our customers. 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.”

After assuming the role of CEO on Jan. 1, 2017, Umpleby led the development and execution of a new strategy for long-term profitable growth, creating significant shareholder value, the company said. In 2024, Caterpillar achieved record full-year adjusted profit per share, which increased more than sixfold during Umpleby’s tenure as CEO.

Building on a ‘legacy of excellence’

Creed joined Caterpillar in 1997 and has held numerous positions of increasing responsibility across multiple divisions of Caterpillar.

Creed was promoted to CFO for Caterpillar’s Energy & Transportation business segment in 2013, then to vice president of Caterpillar’s Finance Services Division in 2017. He also served as interim CFO in 2018.

He then became vice president of the Oil & Gas and Marine Division and the Electric Power Division.

In 2021, Creed was promoted to group president of Energy & Transportation. Effective Nov. 1, 2023, Creed was appointed to the newly created position of chief operating officer.

“For 100 years, our incredible people have been the foundation of Caterpillar’s success,” Creed said in a statement. “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.”

The company said that Debra L. Reed-Klages, who has served as a director since June 2015, will remain on the board as independent presiding director, a position she has held since June 2022.

“We’re deeply grateful for Jim’s leadership and appreciate the outstanding results he achieved during his tenure. His impact on our customers, dealers, shareholders and employees will continue for years to come,” Reed-Klages said. “Joe’s selection as CEO is the result of a multi-year succession planning process by the board of directors. He is a proven leader with significant experience in Caterpillar’s global businesses. We;re confident Joe will position Caterpillar for continued future success.”

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, with 2024 sales and revenues of $64.8 billion.

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