Caterpillar elects a new CEO as Jim Umpleby moves to executive chairman

Joseph E. Creed, Caterpillar’s chief operating officer since 2023, becomes Caterpillar’s new CEO on 1 May 2025 (Image courtesy of Caterpillar)

Umpleby, who has spent eight years as CEO and a total of 45 years working for the world’s biggest construction equipment OEM, will take up his new role on 1 May.

Chief operating officer Joseph E. Creed, a 28-year veteran of Cat, will succeed him as CEO, taking charge of a company that recorded sales and revenues of US$64.8 billion in 2024.

He has already served in a variety of different key posts in the business. He was promoted to chief financial officer for Caterpillar’s Energy & Transportation business segment in 2013, then to vice president of Caterpillar’s Finance Services Division in 2017.

Creed also served as interim chief financial officer for Caterpillar in 2018 before becoming vice president of the Oil & Gas and Marine Division and the Electric Power Division. In 2021, he was promoted again, this time to group president of Energy & Transportation.

He has held the newly created role of chief operating officer since 1 November 2023.

Umpleby, who has overseen a sixfold increase in full-year adjusted profit per share during his tenure as CEO, said, “I’m grateful to have had the opportunity to work with Caterpillar’s dedicated global team of employees and dealers for my entire career. As we celebrate our 100th anniversary, we honour those who came before us establishing a culture of excellence serving our customers.”

Creed added, “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.”