Caterpillar's CEO Announces His Retirement; James Umpleby to Assume Role on Jan. 1, 2017
We reiterate Caterpillar’s $68 fair value estimate and wide moat rating following news of the impending retirement of CEO and chairman Doug Oberhelman. Caterpillar executive James Umpleby will replace Oberhelman as CEO on Jan. 1, 2017, while private equity group Blackstone’s Dave Calhoun will take over as non-executive chairman on April 1, 2017.After assuming the CEO post in 2010, Oberhelman oversaw a few great years for Caterpillar as it reached its all-time revenue peak of $66 billion in 2012...
Caterpillar is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company segments include: Construction Industries, which supports customers using machinery in infrastructure, forestry and building construction; Resource Industries, which supports customers using machinery in mining, heavy construction, quarry and aggregates, waste and material handling applications; Energy and Transportation, which supports customers in oil and gas, power generation, marine, rail and industrial applications, including Cat? machines; and Financial Products, which provides financing and related services.
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